County INTERCAP Loans
| Repayment Option
|
Borrowing Statutes
|
Loan Term*
|
Vote Req'd?
|
Collateral
|
| General Fund
|
2-9-316
|
10 year
|
No
|
N/A
|
| General Obligation**
|
2-9-316, 7-7-2202 & 7-7-2221
|
15 year
|
No
|
Full faith, credit & taxing power pledge
|
| Repayment Option
|
Borrowing Statutes
|
Loan Term*
|
Vote Req'd?
|
Collateral
|
| General Fund
|
7-5-2306, 7-7-2101, 7-7-2201 & 7-7-2402
|
10 year
|
No, unless over 7-7-2402 authorization
|
Applicable Equipment
|
| General Obligation**
|
7-7-2101 & 7-7-2201
|
15 year
|
Yes
|
Full faith, credit & taxing power pledge
|
| Certified Engineer Cost Savings
|
7-5-2306, 7-7-2101, 7-7-2201 & 7-7-2402
|
10 year
|
No, unless over 7-7-2402 authorization
|
Applicable Equipment
|
| Repayment Option
|
Borrowing Statutes
|
Loan Term*
|
Vote Req'd?
|
Collateral
|
| General Fund
|
7-5-2306, 7-7-2101, 7-7-2201 & 7-7-2402
|
10 year
|
No, unless over 7-7-2402 authorization
|
Applicable Equipment
|
| General Obligation**
|
7-7-2101 & 7-7-2201
|
15 year
|
Yes
|
Full faith, credit & taxing power pledge
|
| Repayment Option
|
Borrowing Statutes
|
Loan Term*
|
Vote Req'd?
|
Collateral
|
| General Fund
|
7-5-2306, 7-7-2101, 7-7-2201 & 7-7-2402
|
10 year
|
No, unless over 7-7-2402 authorization
|
First lien on vehicle
|
|
|
|
|
|
|
- REAL PROPERTY PURCHASES & IMPROVEMENTS
| Repayment Option
|
Borrowing Statutes
|
Loan Term*
|
Vote Req'd?
|
Collateral
|
| General Fund
|
7-5-2306, 7-7-2101, 7-7-2201 & 7-7-2402
|
10 year
|
No, unless over 7-7-2402 authorization
|
None
|
| General Obligation**
|
7-7-2101 & 7-7-2201
|
15 year
|
Yes
|
Full faith, credit & taxing power pledge
|
- HEALTH CARE FACILITIES - COUNTY OPERATED
| Repayment Option
|
Borrowing Statutes
|
Loan Term*
|
Vote Req'd?
|
Collateral
|
| Revenue Bond***
|
7-7-2501 & 75-10-112
|
15 year
|
No, unless amount over 7-7-2402 authorization
|
Revenue Pledge
|
| General Fund
|
7-5-2306, 7-7-2101, 7-7-2201, 7-7-2402 & 75-10-112
|
10 year
|
No, unless amount over 7-7-2402 authorization
|
Applicable Equipment
|
| General Obligation**
|
7-7-2101, 7-7-2201 & 75-10-112
|
15 year
|
Yes
|
Full faith, credit & taxing power pledge
|
- INTERIM FINANCING FOR CONSTRUCTION OR CASH-FLOW LOANS
| Repayment Option
|
Borrowing Statutes
|
Loan Term
|
Bond Counsel Req'd?
|
Collateral
|
| Revenue Anticipation
|
7-6-11
|
Up to 1 year*
|
No
|
Tax/Revenue Pledge
|
| Bond Anticipation
|
7-7-109
|
Up to 3 years
|
Yes
|
Written commitment**
|
| Grant Anticipation
|
7-7-109
|
Up to 3 years
|
No
|
Written commitment**
|
* Revenue anticipation notes (RAN) must be repaid within the fiscal year they are borrowed.
**7-7-109(2)(b) Before the notes are issued, the political subdivision must receive a written commitment for the purchase of the bonds or for the grant or loan in an amount that in the aggregate is not less than the principal amount of the notes and shall by resolution agree to fulfill any conditions of the commitment.
- RURAL IMPROVEMENT DISTRICT (RID) BONDS
• Rural Improvement District (RID) loans are payable from special assessments levied against the real property in the district.
• RIDs are not full faith and credit obligations of the county.
• All statutory requirements for establishing the Rural District must be met prior to the loan.
• County funds must secure the RID with a pledge to levy for and maintain their revolving fund to the maximum amount permitted by law.
• All local government RIDs and the balance in the revolving fund are subject to review as part of the loan process.
• Maximum loan term is 15 years or useful life of the project, whichever is less.
* Eligible governments must adhere to State law when financing capital projects and cannot finance projects for a longer term than allowed. Board staff will consider the maximum loan term authorized in statute, as well as the repayment ability of the eligible borrower, when reviewing loan requests. In addition, loan terms cannot exceed the useful life of the project being financed.
** Bond Counsel required.
*** Rates and charges must be set to generate net revenues to cover debt service by a factor of 1.25. The Board will require a reserve account (one year debt service or 10% of the loan, whichever is less). Bond Counsel will be required to ensure parity bonds if Borrower has existing outstanding debt with the same revenue pledge