Union County sells $5 million in urban renewal bonds

About $5 million worth of bonds will be sold by Union County for the purpose of funding secondary roads’ urban renewal plan for the foreseeable future.

Bids were read for the long-gestating $5 million in urban general obligation renewal bonds during Wednesday’s Union County board of supervisors meeting.

UMB Bank of Kansas City, Missouri, won with the highest bid of an adjusted price of $5,002,831.90. True interest rate was set at 3.9938% (noted as the lowest interest rate of the bids) with a net interest cost of $2,135,013. UMB Bank was chosen out of six bids.

These bonds will be paid back using TIF revenues, with infrastructure projects to be funded in the TIF area. These revenues are generated by Union County wind farms. Funds from the sale will be available as soon as August. Bonds will be callable after 2032.

Secondary roads’ urban renewal plan updates county roads and other fixtures such as bridges.

In other Union County news...

Union County Treasurer Kelly Busch gave the board her end-of-fiscal-year annual report, which said the county is still solvent. The county’s general basic fund interest gave the county $218,381.

Busch said legislation increasing motor vehicle fees, which went into effect in January of this year, has helped the county see more revenues of $55,000 over the last year.

Ordinance reviews continued, with ordinances reviewed including three-mile reservoir restricted uses, keg beer sales, drug paraphernalia and pseudoephedrine sales.

Next review session will cover snow removal, B road classification, C road classification, construction and reconstruction of roadways and ridges and the uniform rural address system. Some of these ordinances will receive review from secondary roads, as they are a department which uses these ordinances for their regular business.