Monday evening, members of the Marshall County Council considered an agreement to purchase the Bond Anticipation Note (BAN) that the Marshall County Regional Sewer District obtained for the proposed lakes district sewer project.
Council Attorney Marcel Lebbin said the BAN was taken out by the Sewer District in anticipation of securing a bond to fund the project. He reminded council members that when they requested IDEM to disband the Sewer District, the county agreed to purchase the BAN from Star Financial Bank. The attorney said they have been able to negotiate the buyout, and he presented a resolution to do so for the council’s consideration.
Council President Tim Harman said the balance on November 13th will be $3,337,152, and each day it increases $492 for interest. He said that when the county purchases the note, they should receive over $2 million plus the assets, including all the design work completed for the project. Harman said the county would acquire the district’s debt of $1.2 to $1.4 million, and they will pay for it with General Fund money.
The council needed to consider the resolution presented to purchase the BAN. Councilman Greg Compton questioned whether it was premature since the Regional Sewer District has 30 days from October 31 to decide if they will appeal IDEM’s decision. He said, “I don’t think we have any business voting on the payoff in the meantime, except just to make a show. It’s more of a political thing than administrative.”
The attorney said they’ve spoken to counsel for the Sewer District, and their response was that they don’t know if or when they would file an appeal. Lebbin noted that the Sewer District was to meet on Wednesday, November 12th, but cancelled the meeting.
Councilman Harman said they will still have to advertise to appropriate funds for the payoff, which will take at least 10 days.
It was also noted that they can approve the agreement for the BAN payoff from Star Financial Bank without the Sewer District’s decision.
It was asked if the proceeds, the $2 plus million, was being held in a local bank, and that was confirmed during the meeting.
The County Council voted 6 to 1 to pass the resolution to start the process to purchase the Bond Anticipation Note. Greg Compton was the lone no vote.
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