CHICAGO -- Polk County, Iowa, officials said they may attempt to force an early redemption of approximately $39 million of bonds sold to build a horse racing track to gain substantial interest rate savings.

County Manager James Koolhof said the county is considering exercising a "calamity clause" contained in the indenture of a $40 million industrial revenue bond issue done in 1984 on behalf of the Racing Association of Central Iowa. The proceeds were used to construct the Prairie Meadows racetrack in Altoona.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.