ROME TOWNSHIP — The crossed T’s and dotted I’s have it. Now the county commissioners and the fair board can go forward in getting the financing to put up a new barn and arena at the fair grounds.

In September the commissioners agreed to act as the fiscal agent for the fair board in borrowing the $400,000 needed for construction.

The fair board came to the commission in order to take advantage of possible interest rate savings. That could happen if the commission issued municipal bonds rather than the fair board going directly to a bank for a loan.

But for a while it looked as if the savings the commissioners could provide might elude the barn project.

“We had been approved to close on Feb. 13, but two hours later we got a call from Peck Shaffer, our bond counsel,” Commissioner Bill Pratt said. “They had a problem with the closing date. They needed to know if the fair board was a 501(c) 3 tax exempt entity.”

If it wasn’t, then the commissioners couldn’t issue bonds and the fair board would have to go for a commercial loan.

“That really eliminated the need for the county,” Pratt said.

However at its Monday night meeting, the fair board was able to provide required documentation that it is a 501(c) 3 and the bond deal appears to be on target. The next step is for the commissioners to hold a public hearing, which is slated for 9:30 a.m. Feb. 23.

“You give the public an opportunity (to comment) on what is taking place,” Pratt said. “The only thing is it has delayed the closing date.”

At last July’s fair, the fair board received enough pledges to meet the expected close-to-half-million dollar construction cost. Pledges are to come in over a five-year period and will be used to pay back the commissioners.

Before the commission agreed to act as fiscal agent, it required the fair board to agree to a variety of stipulations. They included giving the commission first mortgage on the $1.1 million fair grounds; maintaining all insurance on the property; establishing an escrow account for the pledges; agreeing that all pledges be made payable to the commission; and accepted responsibility for repayment of the bond, including interest and fees, through pledges and operating revenue.

“We are very happy that we have this certification,” Pratt said. “Now we have to get a letter from the IRS. We can sell (the bonds) for 2.99 percent, a percent or a percent and a half less than any local bank could quote.”