Notice of Adoption of Preliminary Determination for General Obligation Bonds of 2025

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Last Updated on August 18, 2025 by Cass County Communication Network

Notice is hereby given pursuant to Indiana Code 6-1.1-20-3.1 that the County Council (“Council”) of Cass County, Indiana (“County”) did,on August 15, 2025, make a preliminary determination to issue its General Obligation Bonds of 2025 (“Bonds”) in an amount not to exceed $12,300,000 for the construction of a new county highway garage and improvements to local parks in the County, together with all necessary appurtenances, related improvements and equipment and incidental expenses and costs of issuance in connection therewith and in accordance with plans now on file with the County (“Project”).  The Bonds will mature no later than twenty years after their date of issuance with estimated interest rates ranging from3.9% to5.0%, and total estimated interest costs of $6,189,725.

As required by Indiana Code 6-1.1-20-3.1(b)(3), the following information was made available to the public at the public hearings on the preliminary determination: (a) the result of the  County’s current and projected annual debt service payments divided by the net assessed value of taxable property within the County, which is0.05%; and (b) the result of the (i) sum of the County’s outstanding long term debt plus the outstanding long term debt of other taxing units that include any other territory of the County; divided by (ii) the net assessed value of taxable property within the County, which is7.71%. 

The County’s current debt service levy is $760,146 and the current debt service rate is $0.0410.  After the Bonds are issued, the debt service levy will is estimated to increase by $141,282 and the debt service rate is estimated to increase by $0.0076.    

The estimated amount of the County’s debt service levy and the debt service rate that will result during the following 10 years if the County issues the Bonds, after considering any changes that will occur to the debt service levy and rate during that period on account of any outstanding bonds or lease obligations that will mature or terminate during that period is as follows:

YearEstimated Total Debt Service LevyEstimated Total Debt Service Rate
   
2026$945,225$0.0484
2027944,7700.0484
2028947,5540.0486
2029944,3840.0484
2030940,7200.0482
2031941,3030.0482
2032940,7730.0482
2033948,8710.0486
2034945,4890.0484
2035945,6910.0485

The purpose of the Bonds is to provide funding for the Project.

Any owners of real property within the County or registered voters residing within the County who want to initiate a petition and remonstrance process against the proposed bonds must file a petition that complies with IC 6‑1.1‑20‑3.1 subdivisions (4) and (5) not later than 30 days after the first publication of this notice.

Dated August 21 and August 28, 2025.

/s/ Alicia Pifer                                                            

Auditor, Cass County, Indiana

Cass County Online