Posted on

County Supervisors save $550,000

Bond sales save county taxpayers major expense

By Amie Johansen

amie@charlescitypress.com

Last week Wednesday, the County Board of Supervisors held a special meeting for the purpose of meeting with Jeffery Heil, Vice President of Public Finance for Northland Securities. At this meeting, Heil explained the issuance of $6,375,000 refunding bonds.

“We’re refinancing the bonds from the windmills,” Supervisor Doug Kamm said.

Investors had an opportunity to purchase coupons at a price of $5,000 at a 2 percent interest rate, Floyd County Auditor Gloria Carr said.  

Heil recommended approving the bond issuance as opposed to trying to wait for increased interest rates. In the time Supervisors would wait for an increased rate, interest rates could also drop.

By acting at the Wednesday, June 8 meeting, Supervisors locked in an interest rate of 2 percent for a resolution authorizing issuance of $6,375,000 refunding bonds. This will allow for a savings of $558,613.24.

“Not everyday we can save the taxpayers $558,000,” Supervisor Roy Schwickerath said.

“We’re expecting to close on bonds (Tuesday) July 12,” Carr said.

Other items:

— Approval of Res #18-16 zoning change for Raymond Holzer

— Public hearing for zoning application from Matthew Nosbisch set for 9:30 a.m. Tuesday, June 28

— Approved contract for Families Making Connections for the Nurtured Heart Program

— Discussed upcoming road projects with County Engineer Dustin Rolando.

The next Supervisors meeting will be held at 9 a.m. Tuesday, June 28.

 

 

Social Share

LATEST NEWS