|WCSI Local News|
The Seymour City Council took the first step Monday night in issuing over $2 million in bonds to pay for the Jackson County Learning Center.
The council met and approved the issuance of $2.3 million in Indiana Economic Development Revenue Bonds. The council made the move after four years of payments on the structure, all of which went to interest payments. Council members say none of the principal has been paid down.
Council members say the issuance of the bonds will not affect the city's credit rating. They add that the bonds, expected to be 15-year notes, will be repaid through Tax Increment Financing, or TIF funds. If there are insufficient TIF funds, the city would be required to pay the shortage through city tax revenues.
Council members voted 7-0 in favor of the bond issuance. A second and final reading is expected in two weeks.
In other council business, the body unanimously approved the second reading of an ordinance that would take $30,000 out of the city's Rainy Day Fund to pay for health insurance coverage. The city, which is self-insured, saw an increase in healthcare costs for city employees.
Last Updated: Tuesday, November 12, 2013 4:34:57 AM
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