The Moore American

Local News

May 1, 2013

IRS says Cleveland County jail bond OK

(Continued)

MOORE —

For the Cleveland County Justice Authority, the hard work is over.

In 2008, Cleveland County voters approved a quarter penny sales tax increase to pay off the bonds that built the $31 million project. Bond money also was used to pay for equipment and furniture for the jail.

“We were able to legally use bond money to buy the first year of supplies as well,” Cleveland County Commissioner Rod Cleveland said.

Supplies mean everything from uniforms to toilet paper.

Despite that, costs by professional estimators set the project cost higher than the actual costs, and the county has taken heated criticism for the bond overage.

“Construction jobs in our region were few and far between,” Cleveland said. “They bid it, for their labor and overhead, very, very slim, and we were the beneficiaries of that.”

The letter from the IRS noted the difference between amount bonded and the cost of the project.

“Because the IRS has the ability to use hindsight in its review, it can determine at any time that more bonds were issued than were necessary for any given project,” Dillingham said. “In this case, the final cost of the jail was less than estimated. The IRS did not find that the costs projected by professional cost estimators were incorrect or that the Authority’s reliance on professional estimates was misplaced or in any way improper.”

County officials have used the surplus funds to pay down the bond’s principal.

“We’re able to pay it off early because we applied the excess money to the principal,” Cleveland said.

The IRS letter also recommended a minor bond yield calculation change.

“In the future the county will take the yield calculation to six decimal places rather than the four used previously,” Dillingham said. “Despite the economic recession of 2008-2009, the Authority invested the bonds at the most attractive rates available, yet the rates were historically low. Accordingly, the difference between the decimal calculations made no difference, and the IRS found no wrongdoing.”

Text Only
Local News
  • DA declares theatre death case closed

    More than four months after the death of Luis Rodriguez in Moore, the case has been pronounced closed. Cleveland County District

    June 24, 2014

  • Finding joy in our life

    In an effort to downsize big-time, we moved into an apartment. It is lovely and has crown moldings; a nice touch bringing back memo

    June 24, 2014

  • Library and museum team up

    NORMAN — Sam Noble Museum and the Pioneer Library System will bring back a summer favorite, Library Day, from 10 a.m. to 5 p.m., Ju

    June 24, 2014

  • Case closed in Rodriguez death

    More than four months after the death of Luis Rodriguez in Moore, the case has been pronounced closed.
    Cleveland County District Attorney Greg Mashburn confirmed Friday that he will not be pressing charges against members of the Moore Police Department in regards to the death of Rodriguez.

    June 21, 2014

  • DA doesn't plan to press charges on Warren Theater death

    The Cleveland County District Attorney's office announced early Friday afternoon that no charges will be filed against the police officers involved in the death of Luis Rodriguez on Feb. 15 at the Warren Theater.

    June 20, 2014

  • MidFirst Moore Vehicle.jpg FBI seeks suspect in Moore robbery

    James E. Finch, special agent in charge of the Oklahoma City Division of the Federal Bureau of Investigation, announced the robbery of the MidFirst Bank, 1037 S.W. 19th St.

    June 18, 2014 2 Photos

  • Moore announces utility rate increase

    Last week, the City of Moore announced a utility rate increase and encouraged citizens to conserve water.

    June 18, 2014

  • Lawyer off case

    Oklahoma City attorney Michael Brooks-Jimenez confirmed last week that he is no longer representing the family of Luis Rodriguez, who died earlier this year after a clash with members of the Moore Police Department.

    June 18, 2014

  • Public Safety Center open for business

    Under a beautiful morning sky, city officials and supportive community members gathered in the heart of Old Town Moore for the ribb

    June 18, 2014

  • Sales tax up for year

    While Moore and Norman sales tax receipts are up again this month, Purcell is lagging, a likely link to the bridge closure. Fiscal Year 2014 ends June 30 and the June 9 deposits are the final sales tax receipts for the fiscal year.

    June 18, 2014

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide