County pays off Justice Building loan

First Security Bank Conway Market President Johnny Adams (left) shakes hands with Faulkner County Judge Jim Baker after the bank received the payoff for the county’s Justice Building loan on Tuesday. The county paid off the loan a year early, which saved it more than $277,000 in interest.

County officials delivered a $660,000 check to First Security Bank on Tuesday to pay off its Justice Building five-year loan a year early.

 

By doing so, the county saved $277,114.61 in interest, according to County Attorney David Hogue.

“Being able to pay this off early is great,” County Judge Jim Baker said. “It opens the door for expansion or improvements.”

The original five-year loan was for $5 million.

The Faulkner County Justice Building opened in 2014. The four-story building houses courtrooms, the prosecuting attorney’s office, the probation office, the juvenile court office and more.

It took just under $12 million to build and furnish, County Administrator Tom Anderson, who went to the bank with Baker to present the payoff, said.

 

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