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Gulf County commissioners approve tax-exempt bank loan approach for road program, set Sept. 29 funding target
Summary
Commissioners approved moving forward with a 25-year, tax-exempt bank loan as an alternative to a traditional bond to finance road projects, citing lower issuance cost, quicker closing, and flexibility. The board authorized staff to negotiate interlocal agreements with municipalities.
Gulf County commissioners voted on Aug. 7 to proceed with a tax-exempt bank loan rather than issuing a traditional municipal bond to finance the county road program, aiming for funding by late September.
Why it matters: The county expects about $9.5 million in new money under the proposed financing. Commissioners said the bank loan offers lower upfront costs, quicker access to funds and more flexible call/refund terms than a conventional bond.
County staff described the chosen structure as a 25-year tax-exempt bank loan…
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