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County debt free after retiring bonds

Posted: Friday, Feb 22nd, 2013

Current Ogle County Board chairman Kim Gouker (left) and former chairman Jerry Daws shred the mortgage documents of the judicial center after the note was paid off earlier this month. (Photo by Tina Ketter)

OREGON — The Ogle County Board celebrated being debt free at Tuesday night’s board meeting, as Ogle County Board Chairman Kim Gouker announced the bonds on the Judicial Center have been retired.

The bonds were issued in 2003 and 2004 to build the judicial center for a total of $15 million. The county has been putting money aside with the intent of paying the bonds off before the 20-year payback schedule. When receiving the bonds the county board put in a call provision allowing repayment after 10 years, which was marked on Feb. 1, 2013.

Gouker invited former board chairman Jerry Daws to the front of the room for a modern day mortgage burning, which included a paper shredder instead of a fire. Daws was chairman when the bonds were issued.

Gouker explained the significance of paying off the bonds early.

For the complete article see the 02-21-2013 issue.

Click here to purchase an electronic version of the 02-21-2013 paper.

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