Putnam committee authorizes bond-redemption step to free Lake MacGregor property for new contract

The Putnam County Legislature’s Audit & Administration Committee on July 20 voted to authorize the county administration to pursue redemption of outstanding bond issues, including debt tied to the Lake MacGregor property, to allow a future request for proposals (RFP) for operations and to realize interest savings.

Committee members approved a resolution that gives administration authority to work with bond counsel and the Depository Trust Company to call callable maturities; the administration said the move would permit the county to restructure vendor arrangements now constrained by IRS safe-harbor rules on tax-exempt financing.

Commissioner Lewis, who led the presentation and disclosed a prior connection to bond counsel, said the county could fully redeem about $4,725,000 and estimated the payoff would save “approximately $500,000 in…