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Council to redeem 2014 income‑tax bonds early using $4.27 million in PSAP funds
Summary
Saint Joseph County Council approved an appropriation of $4,270,000 in PSAP/local income tax funds on May 13 to redeem the county’s 2014 economic development income‑tax revenue bonds on June 30, 2025; officials said the move will remove roughly $600,000 in annual debt service and yield savings in the 2026 budget.
The Saint Joseph County Council voted 9‑0 on May 13 to appropriate $4,270,000 from the county’s PSAP distribution of local income tax receipts to redeem the outstanding economic development income‑tax revenue bonds issued in 2014, which funded construction of the county’s 911 communication center.
Tom Everett of Barnes & Thornburg presented the ordinance (bill 29‑25) and told the council the appropriation would allow the county to…
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