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Bonding Authorized for Ithaca College Bond Refinance

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Bonding Authorized for Ithaca College Bond Refinance

Tuesday, December 4, 2018

The Legislature, by unanimous vote, approved the issuance of up to $22 million in tax-exempt revenue refunding bonds by the Tompkins County Development Corporation.  The bonding refinances the outstanding principal amount of Civic Facility Revenue Bonds issued in 2004 by the Tompkins County Industrial Development Agency that had been issued to underwrite campus and building improvements.  The Legislature’s approved the TCDC bond issue as the elected legislative body of Tompkins County.  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.