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County reports roughly $6.8M interest reduction from drain financing, outlines homeowner relief plans
Summary
County staff told commissioners that financing choices, a state grant and an ARPA allocation reduced the Bank intercounty drain project’s interest burden by an estimated $6.8 million and lowered annual payments by roughly $392,000; staff said they are pursuing ways to return appropriations to homeowners who prepaid assessments.
County staff presented a final analysis of the Bank intercounty drain financing and said several county actions reduced the county’s share of interest and annual payments.
Deputy Administrator/Human Resources Director Ben and finance staff explained the county allocated $3.3 million of American Rescue Plan Act (ARPA) funding to the project, secured a state grant of approximately $5.0 million and arranged a county bond offering rather than bonding through the drainage district. Staff said those steps together lowered projected interest on the project by about $6.8 million and reduced the county’s annual payment by roughly $392,000.
Ben and finance staff outlined the components staff…
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