Closure of Oklahoma Jail Could Spell Default for County

Watts, Jim
December 2004
Bond Buyer;12/27/2004, Vol. 350 Issue 32037, p5
Trade Publication
The article discusses problems with a proposed solution to Grady County, Oklahoma's difficulties in meeting debt service on revenue bonds that built a jail. The problems have resulted in the facility being closed and created uncertainty over future debt service payments. Grady County jail administrator Kevin Whitener said that 39 of 70 jailers and other workers would be laid off on January 1, 2005 and the jail would be closed due to a lack of money. Whitener said the county jail depleted its funds by making an $800,000 debt service payment in November 2004 on $12.65 million in revenue bonds used to finance the four-story jail.


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