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Miltona Township declares intent to reimburse prior road expenditures, signals up to $350,000 in bond debt
Summary
On Nov. 12 Miltona Township approved Resolution 2024-12 declaring official intent to reimburse prior road expenditures from future tax-exempt bond proceeds, authorizing a maximum principal amount of $350,000 for specific paving projects and arranging loan-document signers.
Miltona Township on Nov. 12 adopted Resolution 2024-12, declaring the board's official intent to reimburse prior expenditures from the proceeds of tax-exempt bonds and identifying planned road projects to be funded if debt is issued.
The resolution, approved on a motion by Matt Kugler and seconded by Andy Anderson (vote recorded 3-0), cites Treasury Regulations Section 1.150-2 and states the township reasonably intends to reimburse itself for prior project expenditures from proceeds of bonds in a maximum principal amount of $350,000. Exhibit A to the resolution identifies the projects as the paving of Miltona Bay Road, a portion of Smokey Timbers Road, and resurfacing of Hidden Valley Road.
Board members Jerome D. Haggenmiller, Steph Stueve and Thomas A. Blank were designated to meet at the bank to sign documents related to the loan. The resolution authorizes the town board chair to add items to Exhibit A if time is of the essence, provided the board is later notified and the additions are filed with official records.
The action is a preparatory financing step that permits the township to use tax-exempt bond proceeds to reimburse qualifying prior expenditures if and when bonds are issued. It does not by itself obligate the township to sell debt; bond issuance will require later, separate authorizing steps and compliance with applicable law.
