July 23, 2014 at 2:10 p.m.
Ethanol plant TIF bonds sold (07/14/07)
By By TRAVIS MINNEAR-
The Jay County Redevelopment Commission has approved the sale of $1,220,000 in tax increment financing (TIF) bonds for work near the Poet Biorefining ethanol plant in Portland.
The decision came Friday morning as commission members unanimously selected MainSource Bank as the purchaser of bonds. The interest rate quoted from the bank was 4.4025 percent, which amounts to a net dollar interest cost of $526,555.21.
MainSource's bid was the lowest of two received by the commission. Old National Bank offered a rate of 4.7451 percent.
The money will be used for "road improvements and sewer improvements near the plant," said Sue Beesley, attorney for the bond counsel. Sewer costs will be the emphasis of the bonds, she added.
The commission also unanimously named First Bank of Berne as registrar, paying agent and trustee of the bonds.
MainSource submitted the lowest bid for this function with a $150 acceptance fee and $250 a year. But at the recommendation of FSG Financial Solutions Group, Inc. the commission chose not to have the same entity as trustee and purchaser of bonds. The First Bank of Berne submitted a bid that included a $200 acceptance fee and $500 annual fee. Total cost over 13 years will be $6,700.
Commission Secretary Brad Burkett said that figure represents a good deal.
"That's 1 percent lower than I thought it would be," he said.[[In-content Ad]]
The decision came Friday morning as commission members unanimously selected MainSource Bank as the purchaser of bonds. The interest rate quoted from the bank was 4.4025 percent, which amounts to a net dollar interest cost of $526,555.21.
MainSource's bid was the lowest of two received by the commission. Old National Bank offered a rate of 4.7451 percent.
The money will be used for "road improvements and sewer improvements near the plant," said Sue Beesley, attorney for the bond counsel. Sewer costs will be the emphasis of the bonds, she added.
The commission also unanimously named First Bank of Berne as registrar, paying agent and trustee of the bonds.
MainSource submitted the lowest bid for this function with a $150 acceptance fee and $250 a year. But at the recommendation of FSG Financial Solutions Group, Inc. the commission chose not to have the same entity as trustee and purchaser of bonds. The First Bank of Berne submitted a bid that included a $200 acceptance fee and $500 annual fee. Total cost over 13 years will be $6,700.
Commission Secretary Brad Burkett said that figure represents a good deal.
"That's 1 percent lower than I thought it would be," he said.[[In-content Ad]]
Top Stories
9/11 NEVER FORGET Mobile Exhibit
Chartwells marketing
September 17, 2024 7:36 a.m.
Events
250 X 250 AD