Board approves resolution to pursue $2.825 million notes for Gencom radio expansion, contingent on PMA advice
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Summary
The board passed a resolution authorizing the sale process for $2,825,000 in general obligation promissory notes to fund expansion of the Gencom emergency radio tower network, subject to PMA's recommendation on whether to issue as non‑rated; vote recorded as passed.
Speaker 4, Finance Department staff, described the Gencom project to expand the emergency radio tower network and said debt issuance was approved last month and bids would be issued the following week. PMA recommended handling the issue as non‑rated to save issuance costs; staff said that could save about $16,000 but asked for analysis of potential long‑term interest-rate effects.
Speaker 4 proposed a motion to approve a resolution to work the sale of $2,825,000 in general obligation promissory notes, series 2025, contingent on PMA's recommendation and the county administrator's acceptance. Mark Hellwig moved the motion and Stacy Hessel seconded. Speaker 3 (meeting chair) called for discussion, and Speaker 4 said that if projected interest costs outweighed the upfront savings, the county would not proceed with a non‑rated issue.
The chair called the vote and the resolution passed.
Ending: Staff will return with bid results and the completed repayment plan at the next Board meeting; the final issuance approach will depend on PMA's follow-up analysis.