Fri04182014

Last updateTue, 04 Nov 2014 9pm

    2Q14-MetroCast VIP-HBO 500x125

Washington and Lee Hosts Career Fair

Washington and Lee Hosts Career Fair

Twenty-nine local businesses made their annual visit to the Washington and Lee High School Career Fa...

WM Girl Scouts are Prepared

WM Girl Scouts are Prepared

Girl Scout Cadettes and Seniors of Girl Scout Troops 159 and 3212 in Westmoreland County met with Va...

Ribbon Cutting 2014 Caroline County Family YMCA

Ribbon Cutting 2014 Caroline County Family YMCA

Ten years ago, Barney Reiley, CEO of the Rappahannock Family YMCA group, met with the Caroline Count...

Weather has delayed the opening of new Westmoreland Judicial Center

Westmoreland County Executive Norm Risavi said this week that weather problems have delayed the open...

Showing their support

Showing their support

On Tuesday, March 10, 21 persons participated at the Westmoreland County Sheriff’s Office to have th...

Another W&L leader charged with DWI in Westmoreland

Parents, students and county officials were dismayed this week to learn that another prominent facul...

 

eyecareofva201403-web 

chesapeakeauction-web

Office-for-rent Jrnl Bldg 20130925

Regional jail bond retirement was occasion to remember long service of Sheriff Jackson

Board Chairman Woody Hynson had the late, but long-serving Westmoreland County Sheriff, Buddy Jackson, on his mind this Monday when the supervisors met with the Davenport & Company, bond counsel they share with the regional jail authority, to retire the bond issue that built the jail that paid for itself sooner than supposed.
The bonds were issued to support construction of a jail immediately outside the incorporated limits of Warsaw that would be shared by Westmoreland and Richmond counties and the Town of Warsaw.

A little later Northumberland County joined the regional jail enterprise and the town ex-panded its boundaries in multiple directions, but even before the construction project’s spring 1995 completion, Sheriff Jackson had added the United States Marshal Service to the mix.
Beds were allocated for federal prisoners and federal monies paid their way. Years passed and the jail’s federal section was expanded. The vision of Sheriff Jackson and Northern Neck Regional Jail Superintendent Jeff Frazier resulted in an operation that posed no financial burden on its member localities.
The action the Westmoreland Supervisors authorized on May 10 was billed as the “strategic defeasance of the jail indebtedness and refinanced capital payments.” In layman’s terms, it’s early retirement of the construction debt.
According to the paperwork provided by Davenport, “$2.485 million of 7.00% to 7.125% debt can be strategically paid off (i.e. defeased) which will produce cash flow savings.
“As operating costs of the jail continue to rise with inflation, pressure grows to either re-duce jail expenses (where possible) or take in additional non-local (e.g. federal) prisoners to defray rising costs. In addition, the availability of beds for non-local prisoners is being reduced as the local prisoner population increases.
“[The] Davenport Plan allows for a reduction in jail cash outlay over the next six years.” Westmoreland’s jail debt will no longer exist on June 15. Northumberland County’s buy-in debt obligation of 1998 will be refinanced at a lower interest rate, resulting in a $44,162.50 reduction of that jurisdiction’s annual debt retirement obligation.
It was Westmoreland’s Industrial Development Authority that floated the bonds and on Monday it became understood that the series’ early retirement saved Westmoreland County nearly $500,000.
Davenport’s Courtney Rogers explained that the bond issue’s defeasance will immediately “reduce the amount of fund balance the jail currently carries. The jail will look less prosperous.”
A large and audible sigh of relief traveled the length of the Board of Supervisors table, with Westmoreland officials whispering in near unison the shared understanding of state government’s unending practice of “looking for everything it can squeeze.”
The words from Board of Supervisors Chairman Woody Hynson reached all the way to the rear of the A.T. Johnson auditorium meeting room: “If you have a pot of money, somebody’s going to try to get it!”
The long-time Westmoreland supervisor clearly remembered all the years state officials attempted to lay claim to the regional jail’s profits from the federal prisoners, a measure that would have resulted in unwanted local funding obligations.
“The jail is now 15 years old. This action frees up funds to deal with [replacing things that are wearing out],” County Administrator Norm Risavi said. An example he cited were moving parts components of the jail’s electric doors.
Risavi agreed that if excess funds remained in hand, state government authorities would likely decrease the state’s contribution to the Compensation Board. “Squeeze” was the word he used a second time in the May 10 discussion when he explained that some of Virginia’s larger jurisdictions have similar concerns.
“The problem is when the big fellows go away and it’s just the rural localities,” Risavi said.
Supervisor Darryl Fisher has served on the Regional Jail Authority since its creation. He praised Risavi for having “initiated the [bond issue defeasance] action.
“Westmoreland is the major stakeholder in the jail, with also the largest debt responsibility,” Fisher commented. “Everyone has agreed that this is a good time to make the move with the profits that are in hand. Westmoreland County is the greatest beneficiary of this action, but Westmoreland County also took the greatest risk going in.
“Sometimes things go wrong, but this worked incredibly well. We couldn’t have had bet-ter partners than Richmond and Northumberland counties. I’m glad everyone agreed to do this.”
“I owe a debt of gratitude to Mr. Jackson,” said Chairman Hynson of the Westmoreland County Sheriff who passed away three years ago.
“By 1994 we had reached the point of having to spend a million dollars a year to operate our county jail. With the regional jail, it doesn’t cost the county. The entire concept turned out to be a very smart move.
“Buddy worked extremely hard to make this happen. He, Norm, Mr. Fisher and others stuck out their necks, but it turned out well financially for us. All of us owe a tremendous debt of gratitude to Sheriff Jackson,” the Chairman noted for a final time.

Possible pulled quote:
“Buddy worked extremely hard to make this happen. He, Norm, Mr. Fisher and others stuck out their necks, but it turned out well financially for us. All of us owe a tremendous debt of gratitude to Sheriff Jackson,”

By Betsy Ficklin
The Journal

201404chamberlink

 

201403source

201404getaway

 

201401kgpr

Contact Us

The Journal Press, Inc. P. O. Box 409, 10250 Kings Hwy. King George, VA 22485

EditorialAdvertisingOffice
Ruth Herrink, Publisher
540-469-4144
This email address is being protected from spambots. You need JavaScript enabled to view it.
Carla Gutridge
540-709-7061
This email address is being protected from spambots. You need JavaScript enabled to view it.
Leonard Banks, Production
540-469-4196
This email address is being protected from spambots. You need JavaScript enabled to view it.
Leonard Banks, Sports editor
540-469-4196
This email address is being protected from spambots. You need JavaScript enabled to view it.
Steve Detwiler
540-709-7288
This email address is being protected from spambots. You need JavaScript enabled to view it.
Drue Murray
This email address is being protected from spambots. You need JavaScript enabled to view it.
Phyllis Cook
This email address is being protected from spambots. You need JavaScript enabled to view it.
Charlene Franks
540-709-7075
This email address is being protected from spambots. You need JavaScript enabled to view it.
Cindy Ailey
This email address is being protected from spambots. You need JavaScript enabled to view it.
Linda Farneth,
This email address is being protected from spambots. You need JavaScript enabled to view it.
Elizabeth Foreman,
540-709-7076
This email address is being protected from spambots. You need JavaScript enabled to view it.
Charlene Franks, Accounts
540-709-7075
This email address is being protected from spambots. You need JavaScript enabled to view it.
Richard Leggitt
540-993-7460
This email address is being protected from spambots. You need JavaScript enabled to view it.
Lori Deem
540-709-7495
This email address is being protected from spambots. You need JavaScript enabled to view it.
Bonnie Gouvisis
540-775-2024
This email address is being protected from spambots. You need JavaScript enabled to view it.
Lori Deem, Community Events
540-709-7495
This email address is being protected from spambots. You need JavaScript enabled to view it.
Advertising Information
540-775-2024
This email address is being protected from spambots. You need JavaScript enabled to view it.
Jessica Herrink
540-469-4031
This email address is being protected from spambots. You need JavaScript enabled to view it.

Journal Print Shop

Contact Steve Detwiler

This email address is being protected from spambots. You need JavaScript enabled to view it.

540-709-7288 • 540-775-2024

Quikey

Bulletline

Holiday Cards and Cards for all Occasions

Balloon House