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Commission notes arbitrage reports, approves small CDBG reimbursement and a $2,500 requisition for UTC bond administrative fund
Summary
The commission accepted arbitrage reports that showed no liability for two bond series, approved a $2,060.80 CDBG reimbursement request and approved Requisition No. 100 for $2,500 to cover arbitrage calculation fees for the University Town Center excise tax district fund.
County grant and finance staff reported on bond arbitrage calculations and several small reimbursements and requisitions at the Feb. 26 meeting.
County staff noted that arbitrage calculations had been completed for two bond series — a University Town Center series and Monongalia County Justice Center lease revenue refunding bonds — and that the trustee’s report found no arbitrage liability, which means no additional IRS reporting will be required for those bonds. The arbitrage engagement and resulting report were noted in the correspondence portion of the meeting.
Grant Administrator and office manager Colleen presented a request for reimbursement under the Community Development Block Grant (CDBG) in the amount of $2,060.80; commissioners moved, seconded and approved the reimbursement by voice vote.
The commission also approved Requisition No. 100 for the University Town Center Excise Tax District Administrative Expense Fund in the amount of $2,500 to pay the arbitrage group for their work; a motion and second carried by voice vote.
Staff noted the arbitrage engagement was timely due to five‑year calculation requirements on bond series and that the trustee returned a report showing no arbitrage owed for the two reviewed series. The county administrator said the arbitrage work was done proactively ahead of required reporting.
