From the Richmond Palladium-Item:
The Wayne County Council this week voted unanimously to pay off the balance on bonds owed for infrastructure work on the Gateway Industrial Park near Cambridge City.
County attorney Ron Cross said the county had two years left to pay on about $705,000 and recommended an appropriation of $750,000 to pay the bonds and closing costs.
The county will use its share of Economic Development Income Tax money to pay off the bonds.
Cross said the county was paying almost 5 percent interest on the bonds while earning less than 1 percent interest on investments on the money that would be used. The county on Dec. 29, 2000, issued $2.5 million in bonds to build infrastructure in the park.
http://www.pal-item.com/apps/pbcs.dll/article?AID=2012311090008
