Jeffco approves $21 million payment from excess sales tax to help retire school debt

BIRMINGHAM, Alabama -- The Jefferson County Commission today approved a $21 million payment from? excess 1 cent sales tax to retire the debt on education school warrants.

The county borrowed $1 billion in 2004-2005 for county public school construction and the warrants are being repaid with proceeds from the tax.

The excess amount, which is $21,330,000 more annually than is needed to retire debt on the warrants, is being used to shorten the period the debt is outstanding.

County officials say the sales tax for the school warrants will go away once the debt is paid off around 2026.

In other business today, the commission agreed to a memorandum of understanding to contribute $25,000 to help repair County Road 10 in Trussville, pending approval of a contract with lawyers representing that city.

Source: http://blog.al.com/spotnews/2013/07/jeffco_approves_21_million_pay.html

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