The Marshall County Commissioners approved a request by the Culver Military Academy to move forward with selling its economic development bonds to Northern Trust Company.
The request was made to the council last week and the commissioners in turn learned of CMA’s interest to move the bonds to the company to avoid re-marketing. The Culver Education Foundation took out $25 million in economic development bonds in 2000 to help build a math and science building and do some work to dormitories. It is in the school’s best interest to refinance those bonds and sell them to Northern Trust.
The county is not held liable for any monies in this transaction. The county is merely a pass-through for this transaction.
Following in the council’s action, the commissioners approved the request and signed the ordinance Monday morning.