By MICHAEL CRIMMINS
Glasgow News 1
Money was the primary topic of discussion at the Sept. 16 Barren County Fiscal Court with the seven county magistrates approving to pay various invoices, including two related to the Barren County Detention Center.
The two invoices were bond payments — one was for $15,555 from the Bank of New York Mellon Trust and the other was in the amount of $81,265 from Truist Bank CTES.
The payment made to the Bank of New York was for a 2010B bond series. Final payment of that bond is April 1, 2040, according to the approved Barren County 2025-26 fiscal budget. The interest rate on the bond is 3.73 percent and the current outstanding balance is $976,650, the budget stated.
Truist Bank’s bond was issued in 2015 and the budget lists its final payment date as April 1, 2039. The principal amount is listed as $7.82 million with the total issued being $11.1 million. It has an outstanding balance of roughly $6.5 million. Truist Bank’s bond has an interest rate of 3.03 percent.
The Municipal Securities Rulemaking Board states bonds “are debt obligations that…counties…issue to finance infrastructure projects.” The current jail is located at 201 Samson St. in Glasgow. Construction on it began in 2010.
