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County adviser says Shaw Elk Road bonds can likely be defeased once November receipts arrive
Summary
Greg Vardenberg of Raymond James told the commission that projected sales-tax receipts should be sufficient by mid-November to defease outstanding Shaw Elk Road bonds, after CPA escrow verification and a legal opinion; commissioners discussed residual uses consistent with voter intent.
Greg Vardenberg, municipal adviser with Raymond James and Associates, told the commission the county is approaching the point at which sales-tax receipts will cover the outstanding bonds for the Shaw Elk Road project and allow an early payoff, a process known as defeasance. "We should at some point in November and maybe December the latest, have a fund balance of 2,510,000," Vardenberg said, adding that outstanding bonds then would total about $2,425,000.
Vardenberg described the…
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