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Evansville bond bank accepts financial report, debates loan interest policy
Summary
The Evansville bond bank board approved its financial report and discussed whether to keep a longstanding 1.5% loan rate or tie new loans to the federal funds rate; the board also reviewed outstanding loans including the Fifth and Main project repayment expected by 2025.
The Evansville bond bank board voted to accept its financial report and spent much of the meeting discussing the bank’s investment strategy and the interest rate charged on loans to local units of government.
Robert Gunter, who introduced himself as being with the controller’s office, told the board the entity keeps about $1.5 million available for sudden projects and that roughly $3,300,000 has been loaned out to date. He highlighted a $2,500,000 note tied to the Fifth and Main project, which he said settled in May and is expected to generate a sizable payment before its 2025 due date. “We have one and a half million in the bank just for projects…
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