County Redeeming Bonds With Handy Township
March 17, 2022
By Mike Kruzman / email@example.com
Livingston County officials are redeeming bonds as requested by a local township for the benefit of their treatment plant.
At Monday’s meeting of the Board of Commissioners, commissioners approved a resolution exercising an option to redeem bonds, at the request of Handy Township. The bonds were issued in anticipation of monies to be received by the County from the township in payment of its obligations under two separate contracts with the County, through the Board of Public Works, back in 2002 and amended in 2005. The principal amount was $5,990,000.
Commissioner Doug Helzerman said Handy Township is interested in having a clear title for their treatment plant and this will allow them to do that, noting that this is also very good timing as the interest rates on the bond are very good. Helzerman added that for those that have been keeping track along the way, there were “miracles of God” that occurred, allowing this to happen.
Following consultation with its financial advisor, the County determined that sufficient monies have been provided by Handy Township to redeem the principal amount of each of the maturities of the bonds from June 1st 2023 through June 1st 2030. The redemption date will be June 1st of this year.