"Where Fillmore County News Comes First"
Online Edition
Saturday, October 25th, 2014
Volume ∞ Issue ∞
 
<< | < | 160 | 161 | 162 | 163 | 164 | > | >>

Harmony refinances Heritage Grove bonds


Fri, Aug 1st, 2008
Posted in Government

HARMONY - Mike Bubany of David Drown Associates was at the Harmony City Council meeting on July 29 to discuss some options the city has regarding refinancing for Heritage Grove.

In 2001, the EDA (Economic Development Authority) issued bonds for 2.5 million dollars for Heritage Grove. According to Bubany, the bonds are up on December 1 of this year, at which time the EDA can pay off the loan or refinance for a lower interest rate. The two options that Bubany presented were to go with a General Obligation Bond and do competitive bidding, or else go with a program from the Minnesota Rural Water Association.

The MN Rural Water Association has a program which pools several communities together to sell bonds at the same time. Bubany explained that having multiple communities together like that diversifies the risks, and there is no cross-liability. That means if one community fails to pay their loan, Harmony will not pay any consequences. Another benefit of the program is that the MN Rural Water Association will give the city of Harmony a rating, which it does not currently have. The rating will allow the city to get lower interest rates. The council approved going ahead with the pool program.

Bubany gave the council a projection of payments and a graph showing how much money would be saved with the refinancing. The EDA had approved the resolution to sell the bonds with a cap of 4.68 percent or lower. If the interest rates fall at the cap or below, the EDA is permitted to sign the agreement. The rate is then fixed for the life of the loan.

Bubany mentioned that interest rates have been going up in recent months and he didn't believe that they would be any lower next year. There have been many other communities in the area that have gone with the pooling program for capital improvement loans.

Council member Sherry Hines asked Bubany what would happen if the interest rate was too high and everything fell through. Bubany answered that there are other options, and the EDA can do any kind of refinancing after December 1.

Parking Lot and Community Center Bids

City Administrator Jerome Illg presented the council with the four bids he had received for the Community Center parking lot project. The council accepted the lowest bid of $127,874.54 from Haugstad Construction Company, Inc. Illg mentioned that the price of bituminous has risen drastically in recent months and has driven the cost of the project higher .....
[Read the Rest]

Hazard Mitigation Plan moves forward

Fri, Aug 1st, 2008
Posted in Government

PRESTON - Emergency Management Director Deborah Teske and Bonestroo representative Corey Raymond presented the completed Fillmore County All-Hazard Mitigation Plan to the commissioners for public review at the county board's July 29 meeting. No one ..... 
[Read the Rest]

Zoning Administrator Norm Craig to resign in November

Fri, Jul 25th, 2008
Posted in Government

PRESTON - Long time Zoning Administrator Norman Craig submitted his letter of resignation to the Fillmore County Board at their July 22 meeting. Craig has served the people of the county for twenty-four years and plans to retire on November 27, 2008 ..... 
[Read the Rest]

Bituminous prices balloon Preston street improvement costs

Fri, Jul 25th, 2008
Posted in Government

Brett Grabau of Bonestroo informed Preston City Council members of the 2008 Street and Utility Improvement bids at their July 21 meeting. He noted that three companies bid with the low bid from Road Constructors Inc. coming in at $193,306.75. The lo ..... 
[Read the Rest]

Lanesboro council accepts street bids

Fri, Jul 25th, 2008
Posted in Government

The city of Lanesboro has accepted bids for the projects that will be done this summer and fall on Whittier Street and Maple Drive. Dillon Dombrovski of Yaggy Colby presented the council with the bids at the regular meeting on July 21.

SL C ..... 
[Read the Rest]

Board of Adjustment looks into park model camper issue

Fri, Jul 25th, 2008
Posted in Government

PRESTON - David Swanson of Cannon Falls came before the Fillmore County Board of Adjustment at their Thursday, July 24 meeting to ask the board for a reversal of a Zoning Administrator's decision not to allow Swanson to have a park model style campe ..... 
[Read the Rest]

Spring Valley City Council approves annexation

Fri, Jul 18th, 2008
Posted in Government

The Spring Valley City Council took action on Monday night (July 14) that will result in the City limits being extended several acres to the northwest. The Council approved a joint resolution for Orderly Annexation with Spring Valley Township. The p ..... 
[Read the Rest]

Winona Health clinic to stay in Rushford

Fri, Jul 18th, 2008
Posted in Government

RUSHFORD - Winona Health will continue its clinic operation in Rushford, according to Brad Lenertz, Winona Physicians Clinics Administrator.

Lenertz spoke at the July 14 regular meeting at the Rushford city council, answering a question that ..... 
[Read the Rest]

Preston Council concerned over Forestville Bridge closure

Fri, Jul 11th, 2008
Posted in Government

PRESTON - Mayor Kurt Reicks raised the issue of the bridge closure to vehicle traffic on county road 118 at Forestville State Park at the July 7 Preston City Council meeting. Robert Sauer was absent.

Reicks explained that the bridge sustaine ..... 
[Read the Rest]
<< | < | 160 | 161 | 162 | 163 | 164 | > | >>