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Indiana County Sets $50M Disaster Bond Sale

The Wayne County, Ind. Council last week approved the issuance of $50 million of tax-exempt private-activity bonds on behalf of a food-processing company that wants to renovate an existing but vacant manufacturing plant.

The borrowing would help the Sugar Creek Packing Co.'s plans to move into a plant in Cambridge City.

The county approved the issuance of 40-year economic development revenue bonds issued through the federal Midwestern Disaster Area Bond program, created to help swaths of the Midwest rebuild after devastating storms in 2008.

Indiana's program is operated by the Indiana Finance Authority.

To take advantage of the program, the county will have to sell the bonds by the end of the year.

Company officials said the plant would bring about 400 jobs to the area, which is 60 miles from Indianapolis. Ice Miller LLP is acting as bond counsel on the transaction.

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