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Commissioners approve resolutions authorizing up to $24 million in bonds for utility-district improvements
Summary
County counsel presented two resolutions to preserve reimbursement authority and to authorize issuance of bonds not to exceed $24,000,000 for utility district water/sewer improvements (phase 3) and to refinance some outstanding notes; commissioners approved both resolutions.
Hamilton County commissioners on July 13 approved two related resolutions to preserve the county’s reimbursement authority and to authorize issuance of bonds not to exceed $24,000,000 to finance water and sewer improvements as part of the utility district phase 3 project and to refinance certain bond anticipation notes.
County counsel/financial presenter said the first resolution preserves the county's ability under federal tax rules to reimburse itself for prior expenditures when bonds are later issued; the second resolution authorizes issuance of bonds (not to exceed $24,000,000) with proceeds to fund the project and to refinance outstanding bond anticipation notes. The presenter noted the county will return in the coming months to approve an amendment to the interlocal agreement among the regional district, the redevelopment commission, the building corporation and the county because the project spans multiple agencies.
Commissioners asked whether the financing would take out existing notes and were told yes; both resolutions were moved, seconded, and approved.
