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Putnam County reviews four loan bids for 308 Medic Way, plans to fund payments from hazardous-waste tipping fees
Summary
The Board heard four loan proposals to finance acquisition of 308 Medic Way and agreed a 5-year fixed loan is preferred; commissioners said annual payments will come from the county hazardous-waste/tipping-fee fund, not property taxes. A final decision is scheduled for March 2.
Putnam County commissioners reviewed four loan proposals to finance the county's purchase of 308 Medic Way and agreed a short-term, 5-year fixed loan is preferred while they take bids under advisement until their March 2 meeting. Auditor Kristina Berish presented the offers and the board discussed relative rates and annual payment amounts.
The proposals included a 5-year fixed rate from First National Bank Cloverdale at 3.90% (annual payment $258,009.75); Tri-Co Bank & Trust at 4.47% (annual payment $261,765.21); North Salem Bank at 4.55% (annual payment $262,325.49); and Hoosier Heartland Bank at 6.85% (annual payment $280,090.30). Ten-year options were also presented for comparison. President Andy Beck said the county intends to pay loan obligations from the hazardous-waste fund, which is funded by landfill tipping fees, and not from property-tax revenue.
The board stated a preference for a 5-year fixed-rate loan and will reconvene on March 2 to select a lender. No final commitment or loan contract was approved at the Feb. 16 meeting.
