Rainier has a GO bond approved by the voters for $7m wastewater treatment plant project.  The project will probably be financed by a DEQ SRF GO bond secured loan.  Construction loan repayment will not begin until FY09.

The Question:  Can property tax payments be certified to begin in FY08 even if payments will not begin until a year later.  Because the loan is secured by a GO bond we will not be required to have a reserve however, I think it would be advantageous to have a reserve at the outset that could be applied to the final payment.

Maybe a one-half year’s payment?

Thanks

Chad