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Middletown IDA: Executive director reports PolyCraft compliance; state reduces bond issuance charge
Summary
At the Sept. 17 meeting, the City of Middletown Industrial Development Agency heard that consultant Lokey Brill found PolyCraft in local compliance and that the state Division of Budget has reduced bond issuance charges for large transactions; no new bonding projects are currently on the IDA’s table.
The City of Middletown Industrial Development Agency learned on Sept. 17 that consultant Lokey Brill reported PolyCraft is in compliance with local requirements, and that a Division of Budget letter has changed how bond fees are assessed.
Executive Director Ms. Bruni told the board that Lokey Brill’s review showed ‘‘everything is in compliance, local compliance’’ for PolyCraft and that the agency had received notice from the state. She summarized the administrative change, saying the Division of Budget will ‘‘reduce the bond issuance charge requirements from $8.40 per bond to $3.50 per bond for transactions greater than $20,000,000’’ and will eliminate the BIC (bond issuance charge) for transactions of $20,000,000 or less and for refunding transactions.
When asked whether the IDA currently has any projects that would require bonding, staff answered no. The board did not identify any bonds pending that would be affected immediately, and there was no further action requested of staff beyond noting the change.
The report was delivered as part of the executive director’s report and required no formal vote. The executive director’s update and the Division of Budget’s administrative change were recorded for the IDA’s future consideration in any potential bonding activity.
