Seymour officials should move forward with the sale of $2.3 million in bonds to retire the short-term loans used to finance construction of the Jackson County Learning Center.
The Seymour City Council voted on first reading last week to issue municipal bonds to pay off those loans and start retiring the center’s debt with the use of tax-increment financing money. The council should proceed with getting this accomplished. Taxpayers should be better off in the end.
Little has been accomplished toward that goal over the past two years, when the city’s redevelopment commission financed $25,000 quarterly payments that only paid the interest on those loans. Debt won’t ever go away at that rate.
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