Emmons County approves $8 million bond authorization for University of Mary

The Emmons County Commission voted to adopt a bond resolution authorizing up to $8,000,000 of the county’s tax‑exempt bond capacity to support capital projects at the University of Mary. The resolution passed on a roll-call vote reported as 5–1.

Paul He, a University of Mary representative, told commissioners the authorization would permit the nonprofit to issue qualified tax‑exempt obligations for planning, permitting, construction, furnishing and equipping projects on its main campus, including a new athletics complex, a welcome center, a residence hall and related site and parking work. "This is to finance certain costs of the planning, permitting, constructing, improving, furnishing, and or equipping additional capital projects located on our main campus," He said.

Kevin Decker, representing the financing bank, walked the board through the mechanics: the county’s action would be an authorizing step enabling the university and its lenders to proceed with loan documents, an intergovernmental agreement and the opinion of bond counsel required for tax‑exempt status. He emphasized the bonds would not constitute county indebtedness. "The bonds and the interest accruing thereon do not constitute an indebtedness of any kind of the issuer… and do not constitute or give rise to pecuniary liability or a charge against the general credit or taxing powers of the issuer," Decker said.

Commissioners asked about timing, fees and risks. County staff were told the university would reimburse certain costs and that a closing fee of $8,000 would be paid to the county at closing; Decker said the university would cover the cost of a bond‑counsel opinion if counties requested it. The board noted that additional documents and federal tax code requirements must be satisfied before bond delivery.

A commissioner moved to enter into the $8,000,000 bond resolution with the identified bank and to use the recommended bond counsel; the motion carried in the roll call vote. The county clerk will retain signed documents and the parties will complete legal and lender paperwork in the coming weeks.

What happens next: The university and lenders will prepare loan agreements and the intergovernmental agreement and obtain the required legal opinion before issuance. Commissioners said copies of the signed resolution and follow‑up documents will be retained in county records.