County Issuing Up To $235 Million In Bonds - Mainly For School Projects

Wednesday, December 13, 2017

Hamilton County plans to issue up to $235 million in general obligation bonds with the funds mainly to go to county school projects.

The County Commission earlier approved a property tax increase to support the bond issue.

Finance Director Al Kiser said there will be a 20-day waiting period in which taxpayers can protest the issuance.

He said the county will prepare an authorizing resolution probably in late January  that will "nail down the real dollars we will issue the bonds for."

Mr. Kiser said the actual issue will be sometime in the time period of March-May.

He said some 8-10 bidders are expected.

Mr. Kiser said the county will have to start paying interest on the bonds as soon as they are sold to a buyer - even though some school projects may not start for months. He said the county can invest the money that is unspent at the time.

He said if the county happened to get a higher return on the investment than the interest it is paying, the "arbitrage" earnings would need to be rebated to the federal government. However, he said the interest cost will likely be higher than the investment return. 

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