The Grundy County Commission approved the delivery of over $4 million in certificates of participation during a special meeting held Thursday.
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According to Grundy County Clerk Kristi Urich, the commission approved the delivery of $4,995,000 in certificates that will be deposited with First Bank of Missouri, which will serve as the trustee bank for the construction of the new law enforcement center. The official closing will occur on Dec. 28 and the certificates will be paid off in semi-annual payments over the next 24 years, beginning in June 2007. The bonding company, George K. Baum and Company, will be paid $15,000, while the bond counsel, Gilmore and Bell, will be paid $25,000. Those funds will come from the $4.9 million.
The law enforcement center payments will be made through a one-half cent sales tax approved by Grundy County voters in February 2005.