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County to seek lower interest rate


Fri, Aug 6th, 2010
Posted in Government

Mike Bubany, David Drown Associates, discussed his analysis for potential interest savings on the county's 2003 capital improvement bonds for the remodeling and addition to the Fillmore County Courthouse at the board's August 3 meeting. Commissioners had expressed interest in refinancing the debt to take advantage of low favorable interest rates.

The analysis showed a potential savings of over $100,000 over the life of the bond. The G.O. Capital Improvement Bond is callable February 1, 2011. Bubany explained Minnesota law allows for closing on a bond issue the 90 days prior to the call date. The disadvantage would be paying on both bonds for the up to the 90-day period. However, interest rates may not be as favorable if they waited until February. Without a crystal ball, they will need to rely on their best guess for the most advantages timing.

Bubany suggested ordering a rating from Standard and Poors which would cost the county $6,000 to $8,000. The rating cost potentially would be just a fraction of the savings that could be gained. Bubany warned the rating cost could be a risk if something unforeseen happened to boost rates to an unfavorable level in the interim before November. He posed two questions to the commissioners: would they like to pursue despite the fee risk? Should they go for a November closing or wait until the February 1 date?

The Standard and Poors rating would be attached to this particular bond issue. Chairman Duane Bakke said he doesn't expect interest rates to be lower in February than they currently are. Bubany said he could come back with a proposal by early October. The board unanimously approved an authorization to prepare an official statement and to order the Standard and Poors rating. If the rating is better than anticipated, the rate would be lower and the savings greater. Bubany added if rates continue to go down in the next few months, they will be able to take advantage of the lower rates.

Fiber Optic Cable

The board has been considering connecting the Fillmore County Courthouse and the Fillmore County Office Building with a fiber optic cable for about two years. The office building and the Sheriff's Office are already connected with a fiber optic cable. The Technology Committee had recommended accepting the low quotes for the fiber optic cable and switches.

The low quote by All Systems Installation was accepted for just over $64,000 and the low quote from Marco for switche .....
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Wanted: ambulance director

Fri, Aug 6th, 2010
Posted in Government

For some time the city of Preston has been working on a policy manual for the ambulance service and a director job description. The council approved the ambulance director's job description and the advertisement to fill the position on a part time b ..... 
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Open seats for mayor and two council members in coming election

Fri, Aug 6th, 2010
Posted in Government

The regular meeting of the Canton City Council met July 7, 2010. Mayor Donivee Johnson called the meeting to order. Others present included: Cindy Shanks, Carl Ernst, Hank Selden, Ross Duckett, Jon Nordsving and Lolly Melander. The minutes from the ..... 
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'Who let the dogs out' in Spring Valley?

Fri, Jul 30th, 2010
Posted in Government

We've all heard of the Dog Days of Summer and how the high temperatures might affect everyone. Well, it might be attributed to a seasonal thing but the big item of discussion at the Spring Valley City Council is that council members are getting dog- ..... 
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Chatfield hopes to extend bike trail

Fri, Jul 30th, 2010
Posted in Government

Park and Recreation issues led the way during a brief July 26 meeting of the Chatfield City Council. Councilor Dave Frank said the Woman's Community Club wanted to donate two wooden park benches to be placed in Hendrick's Park at the corner of Hwy 7 ..... 
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County 2011 budget process begins

Fri, Jul 30th, 2010
Posted in Government

County Commissioners started hearing preliminary budgets from a few departments at their July 27 meeting. The preliminary 2011 levy is for about $8.3 million or an increase of 5.59 percent. This is just the beginning of the process to set the levy f ..... 
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Preston has OSHA violations

Fri, Jul 23rd, 2010
Posted in Government

At the July 19 city council meeting City Administrator Joe Hoffman discussed the five violations the city received citations for during a recent surprise inspection by the Occupational Safety and Health Administration (OSHA). Mayor Kurt Reicks was a ..... 
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Pancake breakfast raises over $1,000 for town hall repairs

Fri, Jul 23rd, 2010
Posted in Government

The Whalan City Council met June 7, 2010.

Present: Larry Johnson, Margaret Chiglo, Everett Johnson and David Rahn, Johnny Halverson and Lolly Melander.

• Meeting was called to order by Mayor Johnson at 5:00pm

• Min ..... 
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Peterson prepares for election

Fri, Jul 23rd, 2010
Posted in Government

Mayor Chuck Eidenschink called the regular meeting of the Peterson City Council to order on July 6, 2010. Council members present were: Tim Hallum, Bill Grindland, Jan Smaby and Randy Benson. Guests at the meeting were Tom Manion, Kevin Graves, Sher ..... 
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