Tuesday morning Vigo County Commissioners established three very important funds that will support the new convention center.
Thanks to the three separate funds, the Capital Improvement Board will be able to put money collected for the center directly into specific support funds.
The first fund supports the construction of the center.
A second fund, also called a “sinking fund” will be used to pay off bond payments every year.
Finally the third bond which is a “general revenue debt bond service” will hold safety funds that will be used to pay off bonds if something happens.
“The money that comes in can only go out for a specific purpose. And that purpose being the support of the convention center project,” said County Attorney Michael Wright. “It’s the role that the commissioners have to play. The council has their role to play which is the issuance of the bonds that would support the project.”
This is a positive step in connection with the construction of the new convention center.
CIB President Jon Marvel said he hopes to see shovels in the ground by late May or into June.