Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Decatur County to ask attorney whether $406,848 in bond project funds can be repurposed
Summary
The board heard that a restricted project fund balance of $406,848 is idle and earning roughly $1,400 per month; members agreed to ask the county attorney whether and how those funds could be reallocated or applied to other projects.
During its meeting, the board discussed a restricted project fund that originated from bond proceeds and is still designated for previously approved projects. The chair reported the project fund balance and suggested the board seek legal advice about options to repurpose or reallocate those funds.
"The project fund as of the November was $406,848," the chair (S1) said, adding the balance has been earning about $1,400 a month in interest. Members noted that some bonds cannot be prepaid until a specified year and discussed whether the county could allocate the balance toward future bond payments or shift it back into the general fund.
S1 proposed contacting the county attorney to explore the legal process and costs required to free up those funds; several members agreed. The board did not adopt a formal ordinance or resolution on the matter during the meeting but gave direction to consult counsel and requested a report on options.
S1 noted that consulting the attorney will incur costs; the decision about how to proceed will depend on the attorney’s guidance about bond covenants and applicable restrictions. The chair said she will contact the attorney and report back to the board.
