Commissioners approved a resolution Monday that will help both the county and Nucor.
The resolution approves a memorandum of understanding and a taxpayer agreement allowing the steel mill to use a new state law in conjunction with a bond issued in 2017 and a lease issued in 2018.
Presently, the debt service for the bond and lease were to be paid by Nucor tax proceeds. The new law allows Indiana steel mills to depreciate equipment quicker than projected in 2017 and 2018. The result of the new law, which Nucor is going to take advantage of, would mean the debt would not be paid by maturity.
With the agreement Nucor promises to pay the remaining 2017 bond balance when due from their income. The agreement requires Nucor to provide additional security for bond payments. Nucor will place the funds to purchase the government obligations into a trust to pay the debt and fees and expenses for the transaction.
Commission president John Frey commented that the agreement took a lot of hard work by county attorney Dan Taylor.
“I want to thank our attorney for making this happen,” Frey said. “The new law makes Indiana a place where Nucor wants to stay. Since Nucor came into the county, they have donated nearly $8 million back to the county for different things such as schools.”
Commissioner Dan Guard also complimented Nucor.
“The role Nucor plays in the steel industry in the United States and in Indiana is important,” Guard said. “I am glad we could get this figured out.”
The county redevelopment commission approved the agreement following the commissioner meeting.
Commissioners entered into a lease agreement with Tri-County Bank and Trust for funding the new radio equipment for the 911 communication center. The amount of the lease is $560,000 for the Motorola radio equipment and the maturity date is May 24, 2028. Payments are to come out of the 911 annual budget.
Commissioners granted a request to use the courthouse steps at noon May 4 for observance of the National Day of Prayer.
In other business, commissioners:
• Entered into an agreement with Dossett Consulting Inc. in the amount of $5,200 for year-end financial date for 2023 to be used in 2024.
• Accepted the annual highway operations report to be sent to INDOT.
• Entered into a contract in the amount of $3,195 to have the county building appraised by Sedwig Valuation Services for insurance purposes.
• Approved a declaration proclaiming Friday as Arbor Day in the county. There were 40,000 trees planted in the county in 2022, according to county administrator Tom Klein.
• Introduced on first reading, three ordinances pertaining to approved grants for Drug Court, Family Recovery Court and Veterans Court.
