The Putnam County Legislature approved resolutions on Aug. 25, 2025, to call and redeem $44,725,000 in outstanding callable serial bonds and to appropriate funds from the general fund and fund balance to the debt-service account to complete the payoff.
Why it matters: County officials said redeeming the callable bonds will remove restrictive "safe harbor" provisions tied to the earlier financings and will give the county more flexibility to make operational decisions about capital assets, including the county golf course. Treasurer and bond counsel presentations said the action will also reduce future interest costs.
What officials said: Bill Carlin, a county finance official who advised the legislature, called the action "a great idea" and said it will allow the county "to take whatever measures you want with the golf course," citing IRS safe-harbor rules that had limited options under the prior financing. "You will have transparency in the 2026 budget," he added, noting debt-service lines will show the appropriation.
Budget and timing: County staff said the accounting appropriation will be recorded in the 2026 debt-service budget and that notices required to call the bonds will be issued by mid-December to allow a planned January 2026 redemption date.
Outcome: The committee and later the full legislature voted to send the bond-call resolution and the associated appropriation to the full body; committee votes were recorded in favor. Officials estimated an interest-and-debt-service savings and said the county's bond rating could benefit from the transaction, although ratings consider multiple factors.
Taper: County leaders said they will include the appropriation in the 2026 budget documents to preserve transparency and to ensure the action is executed before the bond call date.