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Putnam County advances annex financing plan; introduces two bond ordinances for April 21 vote
Summary
County financial advisers presented options for financing a proposed annex (estimated at $15.82 million); the council introduced two bond ordinances to preserve timing and discussed preferring a 10-year term to limit tax impacts.
Putnam County commissioners and outside advisers briefed the Putnam County Board of Council on financing options for a proposed annex project and introduced two ordinances to keep a financing timetable on track.
Emma Adlam of Baker Tilly presented revised financing options and emphasized choices about method of sale, available cash, and term/interest tradeoffs for a project she estimated at about $15.82 million. Adlam told council members there are restrictions on how interest on bond funds can be handled, and recommended spending bond proceeds first before using county cash to avoid statutory limits on interest earnings.
Commissioner Andy Beck and legal adviser Lisa Lee of Ice Miller discussed term and rate considerations. Beck said county staff favored a 10-year option at an estimated 3.5% interest rate over a 20-year term at about 4% to limit the project’s effect on property taxes. Lee outlined that a bond ordinance would set parameters such as maximum term, interest-rate caps and early redemption provisions; Attorney Trudy Selvia recommended formally introducing ordinances so the county can meet the required timelines.
The council introduced Ordinance 2026-04-21-1 and Ordinance 2026-04-21-2; both will be available for review in the Auditor’s Office and are scheduled for action at the April 21 meeting. The county noted an estimated project cost of $15.82 million and said it prefers financing options that minimize property-tax impact. The board did not take final financing votes at the March 17 meeting.
The council will consider the ordinances and specific financing terms at the April 21 meeting; related bond documents are to be posted in the Auditor’s Office.
