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Washington County commissioners call bond election for multiuse facility, add $450,000 for capitalized interest
Summary
The Commissioner's Court voted Aug. 14 to call a bond election for a proposed multiuse facility and added $450,000 to cover capitalized interest during the interim period before tax revenues begin; staff said the authorization will be structured under the county's park-bond authority and the Washington County Expo has been designated a county park.
Washington County's Commissioner's Court voted Aug. 14 to authorize calling a bond election for a proposed multiuse facility and to increase the bond authorization to cover an additional $450,000 for capitalized interest, a county staff member told the court.
At the meeting, the chair introduced an order calling a bond election covering notice, conduct and related provisions. "I make a motion ... to approve calling a bond election to be held within said county, making provisions for the conduct and the giving notice of the election and containing other provisions related thereto," one commissioner moved; the presiding official seconded and the motion was before the court.
A county staff member explained the increase was needed to cover interest payments during the interim period before the county begins receiving tax revenue for debt service. "The additional 450 is needed to provide for capitalized interest," the staff member said. The staff member added that "if voters approve the bonds in November and the county issues them before we are able to set out our next tax rate and begin receiving the tax revenues needed for debt service, we need a source of funds to make the initial interest payments during the interim period." The staff member said that explanation and the associated fees account for the extra amount being added to the authorization.
The staff member told the court the bonds are being proposed under the county's park-bond authority and that the Washington County Expo property has been designated as a county park earlier this summer, which allows the proposition to be structured for construction, acquisition, renovation and improvement.
After brief additional clarification, the court approved the order by voice vote and the presiding official announced, "Motion carries." The transcript does not record a roll-call tally; discussion and votes in the session were taken as voice votes.
Next steps: the court called for the bond election to be placed on the November ballot as presented; the court did not record a detailed roll-call vote in the transcript.
