The second big item on the County Commission agenda is a decision to move forward with the issuance of bonds to pay for the project. While voters authorized up to $89.655 million in bonds at the election last November, the staff is recommending issuing only $75 million at this time. A second series of bonds, if needed, would be issued in 2023. If approved by Commissioners on Tuesday, the bond sale for the first $75 million would occur on August 5 and funds would be delivered to the County approximately August 26. This time frame aligns well with when payments would start to come due for construction activities.
Payments on the bonds, first due in March of 2022, would be made from the special ½-cent sales tax also approved by voters in November 2020. This sales tax increase went into effect April 1, 2021, and the County received the first distribution of funds (from the month of April) at the end of June. The new sales tax generated over $610,000 in April, which is being held in a special account until needed for bond repayment.