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Boone County Solid Waste Board approves resolution to seek $5.2 million bond for property purchase
Summary
The Boone County Solid Waste District Board approved Resolution 25‑05 to authorize seeking bond proceeds with a face value of $5.2 million to finance purchase and improvements of a transfer‑station site (purchase not to exceed $5 million). Bond counsel said proceeds may pay for real property and improvements but not personnel; County Council approval and subsequent property‑specific ratification remain required.
The Boone County Solid Waste District Board voted unanimously to approve Resolution 25‑05, authorizing the district to seek bond proceeds with a face value of $5.2 million to finance a property purchase and capital improvements. Bond counsel Andrew Rankin told the board the authorization is the first step in a formal bond process and that the actual property purchase would be ratified later and would not exceed $5 million.
"This is step one of that," Rankin said when presenting the legal parameters of the resolution, explaining the difference between the bond face value and the amount actually used if the board identifies a lower‑cost parcel. He added that bond proceeds may be used for property and improvements but "just not personnel." The board heard that if less than the authorized amount is used, the bond documents would be structured to repay the unused portion and adjust the debt service accordingly.
Board members pressed staff and counsel on timing and tax implications. Rankin said the county council would adopt any tax rate necessary to pay debt service and that the district would not receive proceeds until it closes on a property and satisfies the bond issuance conditions. Rankin and staff said the district would present an amortization schedule and work with municipal advisors and underwriters as the process moves forward.
The board approved the resolution and will carry the request to Boone County Council as the next procedural step. The vote was five in favor, zero opposed.
The action authorizes the district to pursue financing and begin the legal and underwriting work necessary to issue bonds. Staff and board members said they expect to run the bond process in parallel with site selection and due diligence so that any property under contract can move quickly through the 90‑day diligence and financing timeline.
Next steps: the district will provide County Council with the resolution and likely an amortization schedule and then shop for financing options (Indiana Bond Bank, local banks, or other underwriters) before issuing bonds or completing a property purchase.
