As of Wednesday, Barton County will be out of debt.
That is just the county itself, not every citizen of the county.
Still, it is an important achievement and one that has not been accomplished by most Kansas counties, it was announced Monday.
Financial Officer Janet Crane reported to the Barton County Commission Monday on the accomplishment, which marks the conclusion of the county’s indebtedness for two major construction projects.
The county had let bonds in May, 2001 for the $2.7 million expansion of the county landfill, and paid off the bonds with the tipping fees paid for the use of the facility. That means that the bonds were paid off without the use of property tax funds.
That was paid off at a rate of 4.1 to 5.1 percent interest, Crane reported.
And, in May, 2003, the county issued $4.9 million in bonds to pay for the current jail. It established a one-quarter percent sales tax to fund that, paying off the bonds at rates from 2.5 to 3.15 percent.
Crane noted that the county’s sales tax brought in more money that was expected when it was established. And the project was brought in for about $649,000 less than was originally estimated.
However, to protect the investment of the bond holders, the bonds could not be paid off early.
In addition, Crane explained, the county was not able to sunset — shut off — the county sales tax until the end of a quarter in 2007, which meant it took in more sales taxes than were needed to pay for the project. That money, following state regulations, was established in a fund that will provide for the maintenance and any future repairs to the jail. There is more than $325,000 in that fund, she noted.
According to state information, as of about a year ago, there were only 18 out of 105 Kansas counties that were debt free, Crane told the commissioners.