County considers issuing up to $55M in bonds
A county could be issuing up to $55 million in bonds in the near future to finance several projects.
On Tuesday morning, the Kent County Finance and Physical Resources Committee recommended the Kent County Board of Commissioners authorize the publication of a notice of intent to issue bonds at Thursday’s commission meeting.
The bonds would be used to finance the construction and renovation of county facilities and would not exceed $55 million.
The notice of intent does not commit the county to any specific level of funding.
“This is just the first step in a process,” said Kent County Commissioner Jim Saalfeld, who noted interest rates are edging up. “It does not bind us to any lending.”
Studies have indicated the need to replace or renovate the Kent County Juvenile Detention Center, the kitchen at the Kent County Correctional Facility and to demolish the building used as the Community Re-entry Center and construct a new building located at the Fuller Complex.
Money from the bonds could also be used to renovate 320 Ottawa Ave. NW and build out two new courtrooms and related judicial offices at the Kent County Courthouse, according to commissioners.