Industrial Revenue Bonds
Morrill & Janes Bank can participate in an Industrial Revenue Bond as an alternative source of financing. Industrial Revenue Bonds (commonly called “IRBs”) are approved by a local government with the principal and interest paid solely by the beneficiary company. Bond proceeds can be used for site acquisition, architectural and engineering expenses, building construction costs, and equipment purchase.
When you consult with legal counsel on IRB financing be sure to ask...
...will the interest be tax deductible to the bondholder?
...will real estate and personal property taxes be abated?
...will sales tax exemption certificates apply?
In addition, Morrill & Janes Bank can serve as trustee on IRB's (subject to approval) through our Trust Department.