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County announces $13.9M bond anticipation note issuance to fund roads, landfill and facilities work
Summary
Tompkins County finance director reported a $13.9 million bond anticipation note issuance at a 2.4% net interest rate; roughly $9.5 million is new money, to be used for highway projects, landfill cash flow, road machinery and facilities restoration, with audit work ongoing for year-end.
Darryl Tuttle, the county’s director of finance, reported a recent bond anticipation note issuance totaling $13,900,000 with a net interest rate of 2.4%.
Tuttle said about $9.5 million of the issuance is new money; the rest renews prior borrowing. He said the BAN proceeds will support a range of capital and operational needs, including highway projects (Cortland Street bridge replacement, Podunk Road work, Midline Culvert), two years of road improvements, approximately $740,000 in landfill cash-flow support, $2,000,000 for road machinery where lead times are long, and $4,000,000 for the county’s facilities restoration program.
Tuttle also said the county is preparing ledger and audit materials for year-end and expects audits in April.
