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Supervisors Discuss Road Bond Proceeds

February 6, 2019
By Anesa McGregor , Emmetsburg News

by Anesa McGregor

The Palo Alto County Board of Supervisors held a special meeting Wednesday, Jan. 30 with the Palto Alto County Engineer Walter Davis-Oeth to discuss what should proceeds from bonds be used for and the debt service fund.

Joining the discussion by conference call were Travis Squires, Financial Advisor, Piper Jaffray and John Danos, Bonding Attorney joined by telephone. At issue was bond proceeds and what to do with them.

Squires began reviewing the general obligation debt summary and Danos explained the options for using the bond proceeds and the Internal Revenue Service regulations regarding the way these proceeds can be used.

Squires then presented a proposal to use the general obligation proceeds to payoff a portion of the debt, which would in turn save the county money in interest that, would have been otherwise paid.

After a short discussion, the Supervisors agreed to proceed with setting a public hearing, to be announced at a later time, and to use the proceeds for paying off the debt.



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