Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • Should investors shift from aggressive hybrid funds to balanced hybrid funds now? Sankaran Naren explains why
    • Business News: Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE Live IPO News
    • Rs 5,000 SIP vs Rs 5 Lakh Fixed Deposit: Which Delivers Bigger Returns
    • Understanding Long/Short Funds: Strategies, Examples, and Benefits
    • Moneycontrol to host fifth Mutual Fund Summit in Mumbai
    • What Is the Federal Funds Rate?
    • Axis Greater China Equity FoF vs Edelweiss Greater China Equity Offshore Fund: Risks, returns and portfolio compared
    • Best Nippon India funds: Top 3 schemes with over 20% XIRR in 10 years; Rs 10,000 SIP turns into up to Rs 40 lakh – Mutual Funds News
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Bonds»Warren County board authorizes bond issue for new jail
    Bonds

    Warren County board authorizes bond issue for new jail

    October 25, 2024


    Construction on a new, modern law enforcement center in Warren County is expected to begin in April of next year.

    The new jail and sheriff’s office near U.S. Route 34 in Monmouth will replace the county’s century-old jail downtown.

    At a special meeting this week, the Warren County board approved an ordinance authorizing the issuance of up to $23 million in bonds to fund the construction.

    Chip Algren, former Warren County State’s Attorney and chair of the Citizens Advisory Committee formed to study options for a new jail, said the county will likely issue around $18 million in bonds for the project in the spring, following a public hearing next month.

    The project is supported by a three-quarter percent sales tax increase approved by Warren County voters in April 2023. It went to effect on Jan. 1 of this year.

    Algren said by April 2025, the tax increase will have generated more than $1 million. Combined with funds designated by the county board, the additional sales tax revenue will get construction going.

    “We had $2 million that came in through COVID money. Then the county will have roughly another million dollars from its general fund to effectively put together a down payment of around $4 million come spring,” Algren said.

    A committee including Algren, Sheriff Martin Edwards, Chief Deputy Jeremy Raymond, and County Board Chair Mike Pearson will now work to finalize designs with Ringland-Johnson Construction. Then the project will go out to bid.

    “The design and the bidding process is going to take roughly four months. Then we’ll get the bids back, finalize that, and hopefully start construction around the first part of April,” Algren said.

    Construction is expected to take 15 to 18 months.

    The sales tax increase will then pay debt service on the bonds.

    The county board also voted to make the new jail a 60-bed facility on the recommendation of the Citizens Advisory Committee.

    Due to conditions at the current jail, Warren County has housed female inmates in other counties. With the new 60-bed facility, not being able to segregate men from women will no longer be an issue.

    Algren said Warren County is already housing inmates from Henderson County and that’s expected to continue.

    It’s possible Warren County could generate income by housing inmates from additional counties or even federal inmates in the new jail, but Algren said that’s not why the county is investing in the facility.

    “When we went into this project, we did not go into it relying on housing other county inmates. If we were able to do so, fine, that brings in income. But we wanted to make sure that we could handle this project without relying on that outside income,” Algren said.

    Instead, he said the county is investing in a new jail because the current one is outdated, unsafe, and structurally deficient.

    “Our county jail is well over a hundred years old and it’s outlived its usefulness,” Algren said. “We’re going to get shut down by the Department of Corrections someday if we don’t do something.”

    The county already owns the property on Industrial Park Drive where the new jail and sheriff’s office will be built.

    Tri States Public Radio produced this story.  TSPR relies on financial support from our readers and listeners in order to provide coverage of the issues that matter to west central Illinois, southeast Iowa, and northeast Missouri. As someone who values the content created by TSPR’s news department please consider making a financial contribution.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    Value of Prize Bonds sold last year rises to 365m reversing four years of decline 

    June 29, 2026

    SBI raises $300 mn via 3-year dollar bonds at SOFR plus 100 basis points | Company News

    June 29, 2026

    Scottish Greens call on SNP to scrap £1.5bn bonds “gimmick”

    June 29, 2026
    Leave A Reply Cancel Reply

    Top Posts

    The Shifting Landscape of Art Investment and the Rise of Accessibility: The London Art Exchange

    September 11, 2023

    Charlie Cobham: The Art Broker Extraordinaire Maximizing Returns for High Net Worth Clients

    February 12, 2024

    The Unyielding Resilience of the Art Market: A Historical and Contemporary Perspective

    November 19, 2023

    How Covered Call ETFs Like XYLD and RYLD Fit a Retiree’s Income Sleeve

    June 26, 2026
    Don't Miss
    Mutual Funds

    Should investors shift from aggressive hybrid funds to balanced hybrid funds now? Sankaran Naren explains why

    June 30, 2026

    With equity markets trading near record levels even as global uncertainties persist, investors are increasingly…

    Business News: Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE Live IPO News

    June 29, 2026

    Rs 5,000 SIP vs Rs 5 Lakh Fixed Deposit: Which Delivers Bigger Returns

    June 29, 2026

    Understanding Long/Short Funds: Strategies, Examples, and Benefits

    June 29, 2026
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    UK government borrowing costs rise as Starmer ‘fails to reassure bond markets’ – as it happened | Business

    May 11, 2026

    Passive funds are powering ahead, but retail investors are still in the backseat

    December 12, 2025

    Goldman Sachs’ List Of Stocks That Hedge & Mutual Funds Love & Hate: 28 Stocks On The Mutual and Hedge Funds Radar

    October 15, 2024
    Our Picks

    Should investors shift from aggressive hybrid funds to balanced hybrid funds now? Sankaran Naren explains why

    June 30, 2026

    Business News: Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE Live IPO News

    June 29, 2026

    Rs 5,000 SIP vs Rs 5 Lakh Fixed Deposit: Which Delivers Bigger Returns

    June 29, 2026
    Most Popular

    🔥Juve target Chukwuemeka, Inter raise funds, Elmas bid in play 🤑

    August 20, 2025

    💵 Libra responds after Flamengo takes legal action and ‘freezes’ funds

    September 26, 2025

    ₹9000 monthly SIP can help you retire at 45 with ₹2 lakh monthly pension

    May 5, 2026
    © 2026 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.