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Caribou County approves $3.225 million refunding bond
Summary
The Caribou County Board of Commissioners unanimously adopted Resolution 12-02 on Jan. 19, 2012, authorizing a $3,225,000 General Obligation Refunding Bond Series 2012 to refund certain outstanding county general obligation debt. The negotiated sale was authorized under a loan agreement with the Idaho Bond Bank Authority and the resolution was signed and attested in the meeting minutes.
The Caribou County Board of Commissioners on Jan. 19 approved Resolution 12-02 authorizing the issuance of a $3,225,000 General Obligation Refunding Bond Series 2012 to refund certain outstanding general obligation indebtedness of the county. Commissioner Phil Christensen moved to suspend rules so the resolution could be finally passed at the special telephonic meeting; Commissioner Earl Somsen seconded, and the board voted unanimously (Rasmussen yes; Christensen yes; Somsen yes).
The resolution authorizes and confirms a negotiated sale of the bonds pursuant to a loan agreement with the Idaho Bond Bank Authority and includes findings and covenants concerning registration and maintenance of the tax-exempt status of interest under federal tax law. The transcript records the formal purpose as “refunding certain outstanding general obligation indebtedness of the County” and specifies that the bonds are designated Series 2012.
Chairman Lloyd Rasmussen signed the record and Clerk Veda Mascarenas attested the minutes. Attendees listed in the minutes included Commissioners Lloyd Rasmussen, Earl Somsen and Phil Christensen; Caribou County Clerk Veda Mascarenas; Treasurer Diane Crawford; Prosecuting Attorney Gregg Haney; and representatives from Zion’s Bank (Cameron Arial) and the law firm Holly & Troxell (Nick Miller), who participated via telephone.
No other discussion, amendments or public comment are recorded in the minutes. The minutes state the special session convened at 11:00 a.m. by telephone conference and conclude with the signed resolution entered into the official minutes.
