Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Payoff topic
No spam. Unsubscribe anytime.
Yavapai County board authorizes payoff of 2017 excise tax revenue bonds to free capital capacity
Summary
The board unanimously authorized Finance Director Connie Dekemper to initiate a wire transfer to pay off 2017 excise tax revenue refunding bonds — up to $5,532,000 principal and $10,000 interest — freeing debt capacity for future capital projects.
The Yavapai County Board of Supervisors on May 21 approved paying off the county’s 2017 excise tax revenue refunding bonds, authorizing the finance director to initiate the wire transfer for an amount not to exceed $5,532,000 in principal and $10,000 in interest.
Finance Director Connie Dekemper said the 2017 debt had funded the Superior Court building in the Verde Valley and the juvenile detention facility in Prescott and that retiring the bonds for fiscal year 2025 will create flexibility for future capital borrowing. “Paying off this debt in the fiscal year 2025 allows the County to be financially set up to issue additional debt in the near future if we should want to build another building for the county,” Dekemper said.
The board clarified that, after this payoff, the only outstanding county debt related to capital improvements will be in the jail district; other liabilities such as compensated absences and unfunded pension liabilities remain. Dekemper said the payoff will use fund balance as a one-time payment and that reserve space and internal transfers will be used because the county cannot increase its total budget midyear.
Supervisors praised the financial management and approved the motion unanimously. The action authorizes the finance director to proceed with the transfer to retire the bonds.
