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Monday, June 27th, 2016
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Chatfield considers refunding bonds to realize net savings


Mon, Jan 18th, 2016
Posted in Chatfield Government

Mike Bubany, David Drown Associates, explained how the city could possibly enjoy a net savings of $300,000 or more by refunding bonds issued in 2010 (Thurber Building) and 2011 (Wastewater Treatment) at the city council’s January 11 meeting. Councilor Ken Jacobson was absent.

The bonds are not callable until 2017 and 2018, so advanced refunding methods will be needed to achieve the expected savings. If the refunding goes forward, the city will continue to make payments on the old bonds until the dates when they would have been callable. After those dates, payments will be made on the new combined bond thereafter. The intention is to lock in today’s interest rates. The Federal Reserve made a quarter point interest rate increase in December after years of keeping rates constant. Rates are still significantly lower than historical rates.The Fed is expected to slowly increase rates during this year. Bubany acknowledged that there is no way to know if or how much rates will increase.

Bubany made it clear that the city risks the cost of updating its credit rating. About 75% of the $13,500 cost will have to be paid, even if the city chooses not to go forward with the refunding. There is also a slim possibility that the city’s rating could go down, which would result in higher available interest rates. Bubany said that a downgrade is not likely. Bubany’s firm already prepared an Official Statement to shorten the length of time to complete the refunding process.

Bubany recommended that the council adopt a resolution authorizing his firm to negotiate the sale and allowing Mayor Russ Smith and City Clerk Joel Young to sign a bond purchase agreement when a minimum net savings target is achieved. He provided a report detailing projected costs and the net savings of about $360,000, if the refunding had occurred this day.

A resolution limiting the borrowing to $5.55 million (about $877,000 for Thurber Building and $4.5 million for Wastewater Treatment, plus costs of refunding) was approved. It allows the signing by the mayor and city clerk and requires a net savings of at least $300,000. The ratings report will be ordered immediately.

If the refunding goes forward, the savings will not be enjoyed until budget year 2018.

Trehus, 2016 House District 28B candidate

Thomas Trehus, Spring Grove, introduced himself as a candidate for the District 28B House seat (Houston and .....
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Chosen Valley Community Foundation hosts Chill Fest January 23

Mon, Jan 18th, 2016
Posted in Chatfield Features

The 13th annual Chatfield Chill Fest celebration will once again be held on Saturday, January 23, in Chatfield. This year’s Chill Fest is being hosted by the Chosen Valley Community Foundation. The celebration will have the Polar Plunge in Mill Cr ..... 
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Fillmore County resident wins big

Mon, Dec 28th, 2015
Posted in Chatfield Social Scenes

ROSEVILLE, MN. – Katie Davidson of Chatfield won $25,000 by playing the Corner Bonus Crossword game. Davidson claimed the prize on Dec. 10, 2015. Preston Motor Mart, 209 Kansas St. N.W. in Preston, sold the winning ticket. Minnesota wins: The L ..... 
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Chatfield certifies final levy for 2016

Mon, Dec 21st, 2015
Posted in Chatfield Government

The Chatfield City Council met for their last meeting of 2015 on December 14. City clerk Joel Young presented a look back at 2015 and a look forward to 2016 during the Truth in Taxation public hearing. Chatfield had several capital acquisitions in ..... 
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Warming the hands and hearts of Fillmore County

By Kirsten Zoellner

Mon, Dec 14th, 2015
Posted in Chatfield Features

For 25 years, a group of enthusiastic knitters has taken up residence in the lobby of Root River State Bank in Chatfield for a one-day December gathering they’ve called “Rock & Knit”. Some have been there from the beginning; some are newer; j ..... 
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Chatfield Brass Band Christmas Concert

Mon, Dec 7th, 2015
Posted in Chatfield Features

The Chatfield Brass Band will be presenting their Christmas concert on Sunday, Dec. 13 at 1:30 p.m. at the Chatfield Lutheran Church. Special guests will be the Rhubarb Sisters and the Burdock Brothers performing holiday favorites. Brass Band selec ..... 
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Chatfield approves 2016 fee ordinance

Mon, Nov 30th, 2015
Posted in Chatfield Government

By Karen Reisner At the November 23 Chatfield City Council meeting, the first consideration of the 2016 proposed fee schedule was approved. Councilors Robert Pederson and Paul Novotny were absent. City Clerk Joel Young noted changes in the fee sc ..... 
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Public works issues in Chatfield

Mon, Nov 16th, 2015
Posted in Chatfield Government

At the November 9 Chatfield City Council meeting, a number of public works related issues were discussed. Approval was given ordering a proposal from a mechanical engineer to analyze the current heating and cooling systems in the Thurber Building ..... 
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Center for the Arts renovation officially begins

Mon, Nov 16th, 2015
Posted in Chatfield Features

Tuesday afternoon local and state officials celebrated the beginning of the Phase I renovation project of the Chatfield Center for the Arts. In the late spring of 2014, a bill authorizing the funding of several construction projects across the stat ..... 
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