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Delaware County redevelopment commission resolves CanPack bond underpayment, pays to preserve Cowen Road study and approves school pledge
Summary
The commission approved treating a $630,081.09 interest shortfall on the CanPack series A bonds as deferred interest, authorized reimbursement and CREED funding to cover a $244,136.81 personal‑property TIF shortfall, approved payment to complete or preserve Cowen Road study work, and pledged $60,000 to Liberty Perry School; all motions passed on roll calls.
Delaware County Redevelopment Commission members on a recent meeting approved a package of fiscal fixes and project steps addressing bond accounting errors, project preservation and small local grants.
The commission voted to treat a $630,081.09 interest underpayment on the CanPack (Campac/CanPack) series A bonds as deferred interest under the bond indenture after staff and bond counsel (Ice Miller) and financial advisors (Baker Tilly) identified an Old National Bank system error that failed to update outstanding principal after a May 2022 draw. According to staff, the deferred interest treatment will be satisfied from future CanPack TIF revenues prior to principal without increasing the county’s overall interest obligation or altering the estimated final bond payoff date. "This was an Old National issue," staff said during the presentation; bond counsel confirmed the…
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