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Sellersburg panel told TIF bonds will close Aug. 20; private placement eliminates debt reserve, lowers rate
Summary
At its Aug. 4 meeting the Sellersburg Redevelopment Commission was briefed that privately placed tax-increment financing bonds are scheduled to close Aug. 20 with Regions Bank as purchaser; the placement removed a debt service reserve and produced an expected 4.33% interest rate, improving debt coverage and leaving cash available for projects.
The Sellersburg Redevelopment Commission was told Aug. 4 that its tax-increment financing (TIF) bond sale is slated to close Aug. 20, with the bonds privately placed and purchased by Regions Bank and proceeds to be held by a trustee until disbursement. Nick Lawrence, a consultant with The Wheatley Group, told commissioners that the bond placement eliminated a previously expected debt service reserve and produced a lower interest cost. “So right now we are, slated, I believe, to close on August 20 for our for our bonds and to receive proceeds from that,” Lawrence said. He summarized the placement as privately negotiated and noted that the removal of the debt service reserve and the interest-rate savings materially improved the financing. Why it matters:…
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