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Ways & Means backs county bonding plan, approves full-faith pledges for three drain projects
Summary
Eaton County Ways & Means voted to recommend bonding options to prepay the county's share of three drainage projects and approved resolutions pledging the county's full faith and credit to Hobart, Lehi and Bank drain district bonds. Committee also approved a notice of intent and an exception to a 2011 internal bonding policy to speed financing.
EATON COUNTY, Mich. — The Eaton County Ways and Means Committee voted Apr. 11 to move forward with plans to issue county-backed bonds to prepay the county's share of three drainage projects and to approve resolutions pledging the county's full faith and credit for Hobart, Lehi and Bank drain district bonds.
The committee also approved sending a notice of intent to bond and recommended an exception to the county's 2011 full faith and credit internal policy so the county can meet the drainage district's project timeline.
Why it matters: The Bank Intercounty Drain is the largest of the three projects and will affect multiple jurisdictions and thousands of parcels. Backing the bonds with county credit lowers interest costs for the drainage district borrowing, but it commits the county as a backstop if special assessments go unpaid.
Bonding versus pay-as-assessed: Committee members and bond counsel discussed options for raising cash to cover the county's apportionment of the Bank Intercounty Drain. Administration and financial advisors presented scenarios showing lower lifetime interest costs if Eaton County borrows and amortizes its obligation over 20–25…
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