ISSUANCE OF BONDS
The Sullivan County Funding Corporation can issue Bonds to provide low-cost financing. The borrower agrees to make payments to retire the bond obligations pursuant to a contractual agreement with the Agency and a Lender. There is a financing agreement and usually a Lease or Installment Sale Agreement. Depending on the size of the bond issue and other factors, placement of the bonds may be made privately or publicly. In some cases, interest on the bonds issued by the Agency is exempt from federal income tax. Bond Counsels are retained concerning document preparation and opinion letters regarding the financing and tax exempt status of the bond issue.
MILLENNIUM REVOLVING LOAN FUND
Policy Guidelines were adopted by the County of Sullivan Industrial Development Agency (“Agency”) and then assigned to the Sullivan County Funding Corporation (“SCFC”) as per Agency Resolution dated December 13, 2011, and are intended to serve as the primary administrative document for the Millennium Revolving Loan Fund program (“MRLF”). For copy of Guidelines, please use this link: Millennium Guidelines.
The primary objectives of the MRLF are (a) to facilitate the establishment or expansion of business activity within the County of Sullivan (“County”) and create employment opportunities; (b) to encourage development of new business concepts and ideas that are embodied in a borrower’s business plan; and (c) to supplement the cost of a borrower hiring a qualified County high school student.
Please contact the Sullivan County Funding Corporation for more information about either of these programs.