The city of Terre Haute has paid off Vigo County for a bond anticipation note the county acquired in 2016.
The $6 million loan, with 2.85 percent interest, was issued Feb. 10, 2016 and was due Jan. 1, 2021.
"The city paid $3 million last week and paid off the loan early," said Vigo County Auditor Jim Bramble, who serving as treasurer in 2016 proposed the idea.
State law allows a county treasurer the authority to invest county funds in several areas, including bond anticipation notes.
"At that time, the city was in such dire straights that there was not a bank in the country that would bid on that loan," Bramble said.
The city used the money to replenish its State Revolving Fund reserves and to replace money previously taken from the Terre Haute Sanitary District. The Terre Haute Board of Sanitary Commissioners in May passed a resolution to refinance a 2015 bond issue to get a better interest rate as well as pay off the bond anticipation note to Vigo County.
In all, the county made $657,479 in interest payments off of the loan, Bramble said, who reported the loan repayment to the Vigo County Board of Commissioners on Tuesday.
Juvenile Center security
Also Tuesday, commissioners approved the purchase of a body scanner for use at the Vigo County Juvenile Justice Center's detention area.
The $169,000 scanner allows hands free scanning of people going into the detention center, separated by a screen. Funding for the scanner, used to separate people during the COVID-19 pandemic, will be sought a reimbursement through the federal CARES Act, said Commissioner President Brad Anderson.
Last week, the Vigo County Council's budget adjustment committee gave a favorable recommendation to fund $231,000 for new camera equipment and automatic door locks and controls for the juvenile center, which includes a master station for the detention area. The committee recommended the lowest of three proposals, as the two others ranged from more than $235,500 to more than $285,000.
The request to fund that new equipment goes before the full Vigo County Council at its Oct. 1 meeting at 6 p.m.
In other business, commissioners signed off on a state form as owners of a new county jail that the county will install a certified fire suppression system as part of the jail construction.