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Committee authorizes county pledge as backup for up to $16.25 million in Knaps Corner drain bonds
Summary
The drain commissioner asked the committee to authorize pledging the county's limited tax full faith and credit as backup security for up to $16,254,000 in Knaps Corner drain district bonds to finance maintenance and improvements; staff explained assessments and the typical bond benefits, commissioners asked about property acquisitions and alternative financing, and the committee approved the authorization.
The Finance & Infrastructure Committee recommended that the Board of Commissioners authorize pledging the county's limited tax full faith and credit as backup security for issuance of Knaps Corner drain district (also referred to in the packet as Naps Corner/Knaps Corner) bond series 2026 in an amount not to exceed $16,254,000.
Staff explained that proceedings were…
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