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St. Joseph County authorizes up to $30 million in general obligation bonds for bridge projects
Summary
The St. Joseph County Board of Commissioners unanimously approved a resolution authorizing up to $30 million in general obligation bonds to fund multiple bridge improvement projects, to be issued in two $15 million series; county staff said existing bridge funds should cover estimated annual debt service.
The St. Joseph County Board of Commissioners on June 9 unanimously approved Resolution R-7-C-20226 to authorize the issuance of general obligation bonds to finance bridge improvement projects, not to exceed $30 million in total.
Scott Friselle, bond counsel, told commissioners the ordinance authorizes “the bonds to be issued in an amount not to exceed $30 million with an interest rate not to exceed 7% and for a term not to exceed 20 years.” He said the plan is to issue the bonds in two series, $15 million this year and $15 million next year, with an expected closing on the first series in early October.
Friselle said debt service is expected to be about $2.5 million annually and noted that receipts from the county’s cumulative bridge and major bridge funds typically total about $5 million per year, leaving room in those accounts to cover the bonds’ debt service. The ordinance also permits the county to use other revenues for debt service and declares the county’s official intent to reimburse project costs paid before bond closing.
Commissioners made and seconded the motion to approve the resolution and each recorded an affirmative vote. No amendment or alternative financing plan was offered at the meeting.
The board authorized the county auditor and board leadership to sign closing documents as needed. No public comment specific to the bond issuance was made during the discussion.
Votes at a glance: Resolution R-7-C-20226 approved unanimously by the board.
