Commissioners authorize bonds for Griffith 391 drainage project and set construction assessments

Delaware County commissioners approved resolutions on Aug. 18 to issue bonds to finance property-owner shares of the Griffith Number 391 watershed drainage improvement and to adopt the final schedule of construction assessments for the project.

County staff said the resolution authorizes bond issuance with a principal listed in the resolution as $250,051.51 but reported to the board that the principal amount would be about $215,000. County staff said interest on the proposed debt would be about 4.6 percent and the term would be roughly eight years. The board also approved the final schedule of special assessments that will be used to pay the debt service when assessment revenues are collected.

Rob Riley, chief deputy engineer, summarized the appropriation request and explained the assessments will be used to pay debt service on the project. Commissioners moved and unanimously approved the bond authorization and the assessment schedule.

What happens next: the county will issue debt and begin collecting the special assessments listed in the schedule to pay debt service; staff said the assessments are anticipated to cover debt service as planned. The county also approved supplemental appropriations tied to ditch projects, which staff said support upcoming construction contracts associated with drainage improvements.