By: Angie Adolph
The State Bond Commission has approved an expedited application process for local governments to help manage decreased revenues and increased expenses while dealing with COVID-19. The application requires a ranking official of a local government to certify that the purpose of the loan is to carry on existing essential local government functions and/or to expand such functions as a result of the COVID-19 pandemic, and to provide information about the local governmental entity’s financial situation, including cash on hand, budgeted revenues, projected revenue losses and increased expenditures, and outstanding debt service. The ranking official must also identify which bank has approved the financing and terms. Other ordinary application attachments still must be provided, including the local government resolution, application parameters form, financial disclosure form, debt service analysis, and specified financial documentation. However, the requirement to provide original documents has been temporarily waived. The next State Bond Commission meeting is scheduled for April 16, 2020.