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Scott County supervisors approve Omnibus Agreement, authorize special‑limited‑obligation notes
Summary
The Scott County Board of Supervisors on June 30 approved Resolution 141-2026 authorizing an Omnibus Agreement and related documents and stating that any issued notes are special limited obligations payable only from loan‑agreement revenues; two supervisors abstained.
The Scott County Board of Supervisors approved Resolution 141-2026 on June 30, authorizing an Omnibus Agreement and directing county officers to execute related documents; the resolution specifies that any issued notes are "special limited obligations of the county" payable only from revenues derived from the loan agreement.
Budget and Administrative Services Director David Farmer explained the agreement and its purpose, and Supervisor Bribriesco reviewed the resolution text before the board voted. Supervisor Beck moved to approve the measure and Supervisor Paustian seconded the motion. The roll call recorded three ayes and two abstentions; the minutes note that Supervisors Dickson and Bribriesco abstained and the motion carried.
The resolution authorizes the chairman and the county auditor to execute and deliver the Omnibus Agreement "in substantially the form presented" and permits those officers to sign any documents, certificates and instruments and to take actions they deem necessary in connection with the agreement and the transactions contemplated. It further states that "THE NOTES REMAIN SPECIAL LIMITED OBLIGATIONS OF THE COUNTY. THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE NOTES SHALL CONTINUE TO BE PAYABLE SOLELY OUT OF THE REVENUES DERIVED FROM THE LOAN AGREEMENT (AS AMENDED BY THE OMNIBUS AGREEMENT) AND ARE NOT OTHERWISE AN OBLIGATION OF THE COUNTY. THE NOTES AND INTEREST THEREON SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF THE COUNTY..." The resolution also repeals conflicting prior resolutions and becomes effective immediately upon passage and approval.
The board adjourned at 8:36 a.m. after a separate, unanimous motion to adjourn moved by Supervisor Paustian and seconded by Supervisor Beck. A video recording of the meeting is available on the Scott County website.
