Cape Girardeau County Commissioners Come to an Agreement to Pay off Bonds

The Cape Girardeau County Commissioners came to an agreement on an early payoff of bonds that were issued twenty years ago and these bonds were scheduled to be paid off by the year 2025. These bonds were issued for the purpose of financing improvements to the Cape Girardeau County and the bonds were refinanced nine years ago when county officials were contemplating buying the former federal courthouse in Cape Girardeau. Officials say they would have had that money available to buy the old federal building, which didn’t occur and the money was also supposed to be utilized for other projects if that (purchase of the former courthouse building) did not happen and they made those improvements all over. County officials were scheduled to pay around $535,000 in November, but by paying off the bond balance of around $1,585,000 the county would save a total of $53,000 in bond interest If county officials elected to pay the bonds off two years from now as scheduled the county would have earned around $19,000 in interest by keeping the money and the net savings to the county, will be around $34,000, officials say.

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