Adding to the financial burdens on taxpayers, a General Obligation (GO) Bond vote could be on the November ballot for residents of Hancock County, at a time when according to the pew research center, roughly half of non-retired adults say the economic consequences of the coronavirus outbreak will make it harder for them to achieve their financial goals.
The Hancock County Board of Supervisors Monday discussed funding options, including a GO Bond, for constructing a new Secondary Roads shop in Britt, as well as other future projects for Hancock County. Supervisor Jerry Tlach explains what all is in the works.
Hancock County Engineer Jeremy Purvis says the county would have to go through a general obligation bond election for the new Secondary Roads building in Britt.
A general obligation bond is a municipal bond backed solely by the credit and taxing power of the issuing jurisdiction. The amount of taxation available by a particular GO bond may be specified as either limited or unlimited. In the case of an unlimited GO bond, a municipality may increase property taxes accordingly to cover its payments and obligations.
According to Tlach, the board is looking at hiring a financial consulting firm at a price yet unknown to investigate funding options such as GO bonds.
The Hancock County Board of Supervisors will meet again today (Wednesday, August 18th) at 11am to discuss and possibly consider signing a Financial Services Agreement with Speer Financial, Inc.