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Commissioners discuss industrial revenue bond for proposed dairy; contingent EDC appointment approved
Summary
County advisors briefed commissioners on a proposed conduit industrial revenue bond to support a dairy project; the board agreed to nominate a commissioner to a reestablished Economic Development Commission (EDC) contingent on its formal creation.
County staff and outside counsel briefed the Rush County commissioners on a proposed industrial revenue bond (conduit bond) to finance a new dairy project and requested a contingent appointment to a statutory Economic Development Commission (EDC) that must be created or reestablished to process the bond.
Advisors explained the financing mechanism as conduit debt: the bonds would be issued at municipal bond rates, and the…
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