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Commissioners hear bond plan for fairgrounds; resolution adopted
Summary
Missoula County commissioners heard a presentation on a planned bond issuance to fund fairgrounds work, were told a short-term note from "Stockton's Bank" at about 5% for one year carries no prepayment penalty, and approved a resolution related to the issuance by voice vote.
Missoula County commissioners heard a presentation about a planned bond issuance tied to fairgrounds projects and approved a resolution related to that financing.
A presenter introduced as Andrew Chorney was noted by the board before a county participant described an anticipated bond issuance in roughly three months and an interim anticipation note from "Stockton's Bank." The presenter said the note carried an interest rate stated as 5% for one year and there is no prepayment penalty; the new bonds were described as structured to overlay and smooth existing debt service tied to fairgrounds obligations. The transcript included phrasing that annual debt service figures were being projected forward but did not provide a clear, verifiable consolidated dollar schedule in the record.
Speaker 3 moved "I move that the board adopt attach resolution." Speaker 5 seconded the motion. The board called for public comment; none was recorded. The motion passed on a voice vote ('Aye').
The discussion did not include a full printed debt-service schedule in the transcript, nor did staff read a final principal/tax-rate table into the record; commissioners were told the bond issuance was anticipated in about three months and that the county planned to complete the formal bond sale at that time.
Next steps: staff indicated the county will proceed toward the bond issuance schedule as presented and will bring required closing materials at the appropriate future meeting or administrative step.
