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Council committee approves $4.27 million appropriation to redeem 2014 income-tax revenue bonds
Summary
Legal counsel and county staff briefed the Budget and Administration Committee on using PSAP (local income tax) funds to redeem the outstanding 2014 economic development income tax revenue bonds, and the committee sent the ordinance to the full council with a favorable recommendation.
Tom Everett of Barnes & Thornburg told the Budget and Administration Committee the county has about $4.27 million on hand in the PSAP distribution of the county’s local income tax and proposes appropriating that amount to redeem the outstanding Economic Development Income Tax Revenue Bonds of 2014 on June 30.
Everett said early redemption would pay off the bonds issued to fund construction of the county 911 Communications Center and would save the county some future interest expense. County staff and the auditor presented supporting financial information in advance, and committee members asked clarifying questions about timing and savings.
The committee moved the ordinance (Bill 29-25) forward with a favorable recommendation to the full council. The county will hold the required public hearing at its May meeting before the council considers final adoption.
Ending: The item will appear on the county council’s calendar for public hearing and adoption; county finance staff said the funds are available and that early redemption is expected to be cost-saving.
