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Fulton County Acquire New Loan for Jail

By: Staff
Posted: Sunday, November 25, 2012


     The Fulton County Quorum Court has passed an ordinance authorizing the county to close on a USDA Rural Development loan to finance a new jail, according to an Area Wide News.   The jail will be built in Salem at the property of the old nursing home on Main Street.    The federal agency will loan the maximum $2.1 million which the county will pay back using 17.5 per cent of its one-cent sales and use tax.   County Judge Charles Willett says actual amount of the loan is expected to be $1.7 million, since the county still has access to a $300,000 stimulus grant for the project.
     The ordinance authorizing the bond issue states it is for the purpose of financing all or a portion of the cost of acquiring, construction, equipping and furnishing a new jail, a law enforcement complex, including a jail, sheriff's office, courtroom, community center, administrative office relating to law enforcement and professional fees related to any of the foregoing, establishment of a debt service reserve and bond issuance costs.
     The loan is locked in at four percent interest and payback will take place through monthly payments over a 39 year period.



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