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Spokane County staff to pursue $30M campus bond and separate $20M financing for Shrek operations
Summary
County commissioners discussed issuing up to $30 million in bonds for campus infrastructure and a separate approximately $20 million financing request tied to Shrek operations; staff were directed to refine scenarios, run alternatives and return with resolutions and interlocal language for repayment safeguards.
Spokane County commissioners directed staff to refine financing scenarios this week after a presentation showing how a $30 million bond for county campus infrastructure and a separate roughly $20 million bond for Shrek-related facilities could be structured. The board did not take a vote to issue bonds but agreed to return with specific resolutions and a recommended financing schedule.
The matter matters because the county faces aging campus systems (boilers, electrical switchgear and related upgrades) and Shrek has asked for help financing a building remodel, new telephone and console systems and microwave links between towers. County staff and financial advisor Scott Bauer of Northwest Municipal Advisors presented sample debt schedules, repayment approaches and legal safeguards for the Shrek portion.
Bauer told the commissioners the sample 20‑year financing for the $30 million campus bond results in an all‑in true interest cost of about 4.94 percent (including a half‑point market cushion) and roughly $2.4 million in annual debt service, producing about $48 million of total debt…
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