CERTIFICATES OF OBLIGATION OR BOND ELECTION? COMMISSIONERS TO CONSIDER OPTIONS FOR JUDICIAL CENTER, EXPO PROJECTS
Washington County Commissioners will hold a special meeting on Monday to weigh proceeding with the proposed projects for a judicial center and covered Expo rodeo arena through certificates of obligation (COs) or a bond election.
The court is looking at whether to keep on the path of issuing up to $61 million in COs for both projects or reducing the proposed issuance amount by opting to present one project – or both – to voters through a general obligation bond election.
The reason for Monday’s meeting is because Washington County’s financial advisor, Specialized Public Finance, needs an official proposed issuance amount to prepare bond offering documents. The meeting will not be the actual vote on issuing any COs, as that final consideration will be at the court’s meeting on August 11th.
Garry Kimball of Specialized Public Finance has told commissioners that moving forward with COs, versus calling a bond election, would provide the county with a quicker turnaround time for receiving funds and potentially save it long-term costs associated with inflation or interest rate hikes. The COs would not require an election unless enough registered voters sign a petition.
Commissioners will meet Monday at 8 a.m. at the Washington County Courthouse.