PLYMOUTH — The Marshall County Council voted on a resolution to purchase a Bond Anticipation Note (BAN) for the Marshall County Sewer District.
The District had taken out a bond issue in anticipation of a first project worth over $3 million. Each day that the bond stays active costs the Sewer District, and therefore Marshall County, $492. Purchasing the BAN would allow the county to take over the debt of the district that has been dissolved by IDEM.
The Sewer District was scheduled to meet this week, but that meeting has been cancelled. Lawyers for the sewer district have not informed the Council or Commissioners whether they will take advantage of the 30 days allowed to file for a judicial review of the IDEM decision.
Council member Greg Compton questioned whether the move might be premature given that the Board still had 30 days to appeal the decision, but Council member Nicole Cox disagreed.
By purchasing the BAN the county would also be able to claim the assets of the Sewer District at around $2 million. The cost of the BAN currently would be around $1.3 million.
Council member Brandon Schadek also had strong words after the positive vote.
