During the Union County Board of Supervisors’ regularly scheduled meeting Monday, board members met with Maggie Burger, senior vice president CIPMA of Speer Financial to discuss refinancing and bonding.
According to Sandy Hysell, Union County auditor, the refinancing is for a Build America bond the county already has, which was used for county road projects. The Build America bond is set at a higher rate than the options currently presented by Speer Financial, but the county was still getting a reimbursement from the Federal government. However, according to Hysell, that may not be the case in the future.
Bond hearing
Currently, county supervisors are moving toward securing a bond for the purchase of a new emergency management services (EMS) communication system and a building to be used by the Iowa Department of Human Services (DHS).
On Nov. 5, the board will set a public hearing for Nov. 19 for the bond.
“What we are doing is refinancing the bond and getting it at a lower interest rate, which will be saving the county money in the long run,” said Hysell.
On Nov. 22, the board will set a public hearing for Nov. 29, at which the board will vote and sign a lease agreement with Motorola.
According to Hysell, the Nov. 29 date was chosen so that the county could take advantage of financial incentives and breaks offered by Motorola. The lease agreement will be for three years, with no interest during the first year.
Union County Board of Supervisors meetings open with public forum 9 a.m. Mondays at 300 N. Pine St., Suite 10.
For more information about Union County and how to reach the supervisors, visit unioncountyiowa.org.