The $3 million is being given as a private placement bond issue to the Secchia Family Limited Partnership with Kent County covering the annual interest payments for a maximum for five years. At the current rate, Kent County will pay about $43,500 a year on the bond.Source: http://www.mlive.com/walker/index.ssf/2014/07/peter_secchia_familys_3_millio.html
County Board Chair Dan Koorndyk praised the gift, saying, "For a minimal investment, the county will receive immediate access to $3 million it does not need to pay back.
I understand what a bond is, but I have no idea what a private placement bond issue is or why the county has to pay income on the gift they are receiving, or when they can spend the money. Do any of you speak finance?