FORT WAYNE, Ind. (WANE) -- The journey to a new Allen County jail seems to be in the home stretch, as the Allen County Board of Commissioners announced Wednesday they had closed on the bonds that will cover most of the costs of construction. The $203,655,000 in revenue bonds will be paid back via a local income tax over the next 20 years. "I am glad that we have finally gotten to this important step,” said Commissioner Nelson Peters in a release, “It took us a few years to get here, and it will take a few more to reach the finish line. While this isn’t a glamorous project, it is a necessary one.” Two and a half years ago, a federal judge ordered the county to make changes to the jail deemed inhumane because of overcrowding and understaffing. In the time allotted to come up with a plan, the commissioners realized a new jail was needed. WANE 15 earlier reported that investors in the bonds were expected to be large financial institutions. Five bids from Wall Street investment banks were submitted. The winning bidder was Jefferies LLC, which submitted a true interest rate offer of 3.845%, which was more than .25% lower than the final estimate provided by Allen County's financial advisors. The bonds were rated Aa2 by Moody's, one of the highest tiers. Earthwork on the jail started Oct. 7, while the concrete foundation began in November. The steel and prefabricated concrete walls are expected in March 2025, with construction expected to be finished by December 2027.