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LaSalle County board weighs using $9.1M iFiber payment to shore up trust as bonds come due
Summary
County advisers and board members debated using roughly $9.1 million in iFiber proceeds versus issuing bonds to 'perpetuate the trust'; Bernardi Securities said outstanding trust bonds will require planning through 2029 and that issuance typically costs about 1% of the borrowings.
John Vazetti of Bernardi Securities told the LaSalle County Board on June 11 that the county's 2019 bond series issued for the trust will have its final principal payment on Dec. 1, 2029 (which falls in the county's FY2030) and that the county completed a $1,795,000 principal payment, leaving an outstanding balance the report lists as $7,400,000 after the recent payment (previously shown as $9,195,000). Vazetti, who said Bernardi has worked with LaSalle County since 2004, described the firm's annual disclosure report and its role in informing potential secondary-market investors.
The disclosure report, Vazetti said, is posted to the Municipal Securities Rulemaking Board's EMMA website and must be filed within 210 days of the Nov. 30 fiscal-year end. He summarized the county's legal debt…
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