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Two Missoula County bonds set to expire in 2018; library bond set to begin

The Missoula County Courthouse. (Martin Kidston/Missoula Current)

Missoula County taxpayers will see two general obligation bonds expire next year, along with debt that funded improvements to the Interstate-90 airport interchange.

Andrew Czorny, the county’s chief financial officer, provided county commissioners this week with a list of debt owed across a number of categories, including the funding source, outstanding balance and the final year of payment.

Of the county’s six general obligation bonds (not including the library), two will expire in July 2018, including the first issuance of debt from the open space bond and the refinancing of debt related to construction of the Missoula County Detention Center.

Czorny said several other bonds approved by voters, including the second and third issuance of the open space bond, the $36 million Fort Missoula Regional Park bond, and water system improvements to the Missoula County Fairgrounds, will expire between 2020 and 2036.

“The only one that’s not on here yet is the library,” said Commissioner Jean Curtiss. “A little of it will show up on this year’s tax bill, but the majority will show up next year. That’s the only one we haven’t added. Of course, this is only the county’s. The school district has some of its own.”

Of the eight limited obligation bonds issued by the county, one is set to expire next year, that being improvements to Partnership Health Center, which is responsible for its own debt.

Other bonds on the limited obligation list include roughly $1 million dedicated to improvements of the Glacier Ice Rink and $795,000 for irrigation upgrades at Larchmont Golf Course. They too are responsible for their own debt.

Debt owed by taxpayers on the limited obligation list include improvements to the Missoula County building. One of those bonds, which includes an outstanding balance of $1.3 million, is set to expire in 2032. The other, which also includes an outstanding balance of $1.3 million, is set to expire in 2035.

“It’s not uncommon to get questions from the public asking at what point some of these bonds are coming off,” said Commissioner Dave Strohmaier. “Some version of this might nice to have on the county website.”

At least one tax increment bond will also expire next year, Czorny said. That includes financing related to the county’s portion of the Interstate-90 interchange by the airport. That also is payed by property taxes, he said.

Missoula County’s General Obligation Bonds (library not included)

  • Open space series 2007 expires on July 1, 2018; funded through property taxes; outstanding balance of $800,000.
  • Series 2012 jail refunding expires on July 1, 2018; funded through property taxes; outstanding balance of $2.4 million.
  • Fair water system improvements expires on July 1, 2020; funded through property taxes; outstanding balance of $49,000.
  • Open space series 2010 expires on July 1, 2028; funded through property taxes; outstanding balance of $2.9 million.
  • Fort Missoula Regional Park expires on July 1, 2036; funded through property taxes; outstanding balance of $36.2 million.
  • Open space series 2016 expires on July 1, 2036; funded through property taxes; outstanding balance of $2.75 million.

Limited Obligation Notes

  • Partnership Health Center facility improvements expires on July 1, 2018; funded by PHC; outstanding balance of $75,000.
  • Partnership Health Center building purchase expires on July 1, 2028; funded by PHC; outstanding balance of $1.3 million.
  • Partnership Health Center building improvements expires on July 1, 2032; funded by PHC; outstanding balance of $330,000.
  • County building improvements expires on July 1, 2032; funded by property taxes; outstanding balance of $1.3 million.
  • Glacier Ice Rink improvements expires on July 1, 2024; funded by Glacier Ice Rink; outstanding balance of $505,000.
  • Glacier Ice Rink improvements Project II expires on July 1, 2026; funded by Glacier Ice Rink; outstanding balance of $480,000.
  • Larchmont irrigation system expires on July 1, 2030; funded by Larchmont; outstanding balance of $795,000.
  • County building improvement expires on July 1, 2035; funded by property taxes; outstanding balance of $1.3 million.