On August 25th, 2021, the Clay County Commission unanimously voted with 2021-Ordinance-33 to refund previous 2018 Certificates of Participation (COPs).
By returning the old bonds, the County realized an approximate $40 million reduction in long term debt (~$60 million to ~$20 million) and a 2% cut in interest rates. The duration was reduced from 2038 to 2031 as well, or 7 years, with the refunded 2021A bonds.
The main project of the 2018 COPs, a new annex on Brighton, was repealed. The Commission unanimously approved 2021-ORD-43 on October 20th, 2021, to authorize some $6 million of tax-free new bonds (2021B) needed to complete the remainder of the projects from 2018, including several Highway bridge projects as well as HVAC improvements at the Administration Building.