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Commission extends County 20 storage bond maturity in routine modification
Summary
The commission approved a bond/loan modification extending the maturity of a recovery-zone special bond issued in 2010; staff said the change is similar to the YMCA modification and does not create a new county obligation beyond recordkeeping.
The Cass County Commission voted to approve a bond and loan modification for the County 20 storage project, extending the maturity of a recovery-zone special bond originally issued in 2010.
A county representative explained the bond differs from a bank-qualified (501(c)(3)) bond; it was issued to a for-profit corporation under a recovery-zone special bond program. The item before the board was an extension of the current maturity to address a balloon payment.
After opening a public hearing and receiving no public comment, the commission moved, seconded and approved the modification by roll call. The roll as recorded in the transcript shows affirmative votes by Commissioners Flacknell, Breitling, Bettle, Grinberg and Capitan.
Staff said memoranda with additional details had been sent to commissioners before the meeting. The county will file the necessary records to effect the extension.
