The Marshall County Council members approved an ordinance in order for Culver Military Academy to sell bonds to a trust company.
An attorney representing CMA appeared before the council and explained that in 2000, CMA took out economic development bonds in the amount of $25 million to construct a math/science building, a dormitory and library on the campus.
Attorney Neil Steinbach explained that is in the best interest of CMA that this transaction occur. Although no county money is affected with this transfer of bond ownership, the county is the pass-through to secure the transaction.
The bonds will go to the Northern Trust Company where the money will be held for ten years to eliminate the possibility of failed remarketing. The bonds are not taxable.
The council members suspended the rules and approved the ordinance on all three readings.