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High interest rates delay McLennan jail construction

In Waco, McLennan County Commissioners are temporarily postponing jail construction because of high interest rates resulting from Wall Street's credit crunch, the Waco Tribune Herald reports ("Rough financial markets delaying construction of McLennan County jail," Nov. 19):McLennan County commissioners Tuesday postponed for the third straight week issuing project revenue bonds to finance the new jail because of high bond interest rates. Community Education Centers, the New Jersey-based company that is to oversee the new jail?s construction and operation, would be responsible for paying the interest on bonds the county sells to third-party financial houses. County Judge Jim Lewis said officials had hoped to break ground for the new jail this month...continue to full post

Full post as published by Grits for Breakfast on November 20, 2008 (boomark / email).