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Bonding Authorized for Ithacare Bond Refinance

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Bonding Authorized for Ithacare Bond Refinance

Thursday, November 9, 2017

The Legislature, by unanimous vote, authorized the Tompkins County Development Corporation to issue up to $13,500,000 in tax-exempt revenue bonds on behalf of the Ithacare Center Service Company, refinance bonds issued for the outstanding balance of bonding last refinanced in 2008, as well as funding of any debt service reserve fund and incidental costs. The Legislature’s action qualifies the interest payable on the bonds as tax-exempt under the federal Internal Revenue Code and does not involve any financial obligation on the part of Tompkins County.