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Scott County debate over $4.8M judgment bond: commissioner refuses to sign without breakdown
Summary
During the Dec. 5 special meeting commissioners debated signing paperwork for a $4.8 million judgment bond. Bond counsel warned that costs already incurred could lead to liability if the county did not proceed; one commissioner said he would not sign the documents without a detailed breakdown of how proceeds would be used.
Scott County commissioners spent a significant portion of a Dec. 5 special meeting debating whether to sign closing paperwork for a judgment bond with an aggregate principal in the neighborhood of $4.8 million.
Bond counsel appearing by phone told the board that the county had already incurred substantial legal and financial costs preparing the bond and that those amounts were built into the financing. "If you choose not to proceed with the bond, I think you're gonna have to understand that you are likely going to be subject to amounts for services already incurred," the counsel warned, adding that failing to proceed could…
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