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Commission approves $2 million limited GO bond for search and rescue facility
Summary
Gallatin County commissioners approved a $2,000,000 limited general obligation bond to finance remodeling and expansion of the county’s search and rescue facility; the county will repay the debt from budgeted debt service and voter-approved search and rescue mills.
The Gallatin County Commission on April 8 adopted a resolution to issue a $2,000,000 limited general obligation bond to fund remodeling and expansion of the county’s search and rescue facility.
The bond is structured as a limited general obligation issue, which the county said meets three conditions: debt service is already covered in the current county budget; the principal does not exceed $2,000,000; and total county indebtedness after issuance remains below the 2.5% statutory cap on assessed value.…
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