Marshall County Commissioners were presented with an accounting services agreement related to the potential jail expansion project when they met Monday morning. You can continue to read this post here to know more about accounting and what the agreement talks about.
County Attorney Jim Clevenger shared that the agreement is with the firm Baker Tilly and stated that he’s been coordinating with financial advisor Todd Samuelson.
He noted that the agreement is similar to ones the County has entered into in the past when considering the possibility of financing a project through the issuance of governmental tax-exempt bonds.
He did mention the one major difference was that the rates are higher than in previous years and shared why that is.
He explained, “Comparing it to previous ones, the rates went up but Todd’s quick to tell you that it’s tougher and tougher to sell governmental bonds these days so that’s reflected in the agreement.”
Clevenger asked them to consider approving the accounting services agreement as presented. Extra resources can be used for this, which would get the rates issue sorted.
Commissioner Stan Klotz commented that he didn’t want to stand in the way of the project proceeding but felt they may be able to avoid spending so much on interest if they find a way to spread the cost around between various municipalities and entities rather than financing through bonds.
Commission President Kevin Overmyer indicated that time is of the essence with this project so they don’t really have the ability to go seeking funds from other sources. Clevenger echoed that sentiment, mentioning that the way current structures are set up won’t allow this project to be financed in that way.
Klotz stated that while he is fine with moving forward this time, he feels an option like that should be considered more seriously for future projects. After the discussion concluded, Commissioners cast a unanimous vote to accept the agreement.
Clevenger went on to provide them with a tentative timetable, noting that bond counsel, accounting officials who have knowledge with accounts payable certification, and architects are currently working on preliminary figures for the project.
He said their goal is to have some estimates and options available for consideration within the next 30 days and added that information should be available for the Commissioners’ next meeting on Monday, October 21st.
