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Adviser outlines defeasance options for Clay County law‑enforcement center bonds; staff to bring final bill amounts
Summary
A Colliers adviser described cash defeasance and escrow options for refunding portions of bonds tied to the county's law-enforcement center, using example figures of about $7 million defeased and annual savings of roughly $328,000; bond counsel involvement and a county resolution will be required before action.
Tom Greenman of Colliers briefed the Clay County Board Oct. 7 on options to manage outstanding bonds issued for the law-enforcement center project. Using a sample scenario, Greenman described cash defeasance—placing funds in escrow to pay debt service on callable bonds—and compared that approach with simply holding cash on the project account.
Greenman said technical defeasance reduces the amount of outstanding debt on county financial statements because the…
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