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Saturday, January 31st, 2015
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Preston refinances 2007B bond


Mon, Jan 26th, 2015
Posted in Preston Government



Mike Bubany, David Drown and Associates, in his capacity as Preston’s financial adviser, recommended refinancing the General Obligation Improvement Bond issued in 2007 (Valley Street & Corn Cob Acres area project) at the council’s January 20 meeting. The bonds are callable in February. The refinancing of the bond with just over $300,000 of outstanding principal would save over $10,000. The bond is split with Preston Public Utilities.

Bubany recommended selling the bonds through the use of the Micro Loan Program offered by the Minnesota Rural Water Association. The fees totaling $3,800 are considerably less than costs incurred by selling on the open market. The savings of over $10,000 is after all fees associated with issuance.

The Micro Loan Program usually has a limit of $250,000. However, due to the city’s strong credit worthiness and short repayment period, the lender has authorized the larger amount.

The council unanimously approved the resolution authorizing the issuance of $306,000 General Obligation Improvement Refunding Bonds, Series 2015A. The effective interest rate will be 1.9 percent (the interest rate on the 2007 bond was just over 4 percent). The bond purchaser is F & M Community Bank. The final payment on the new issuance will be on February 1, 2018.

Other business in brief

• Police Sergeant Blaise Sass introduced two new part-time officers; David Huse (Rochester) and Katy Davis (Stewartville).

• Ambulance director Ryan Throckmorton detailed the ambulance write-offs for 2013 and 2014. The 2013 write-offs of $4,354.52 are mostly uncollectable accounts. He noted that these write-offs don’t forgive the debt as they can continue to pursue collection. Write-offs of $1,393.15 for 2013 are representative of the funding gap between private insurance, Medicare and Medicaid reimbursements and the ambulance service standard rates. Write-offs for 2014 in the amount of $56,946.11 are again resultant of the funding gap. The write-offs were approved as presented. It was noted that the ambulance service actually normally only collects about 75 percent of the amount billed.

• The 99 year lease approved in 2004 for Midwest Wireless (at the time) for the cell tower is now held by Verizon Wireless. City Administrator Joe Hoffman explained that the company has requested permission to install a diesel generator at the cell tower site (curr .....
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Preston discusses possible meeting schedule changes

Mon, Jan 12th, 2015
Posted in Preston Government

The regular meeting time for the Preston City Council was discussed at the January 5 meeting. Re-elected Mayor Kurt Reicks and councilmen Charles Sparks and Robert Maust recited the oath of office as they began their new terms. Reicks said they ..... 
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2014, a busy year in Preston

Mon, Dec 22nd, 2014
Posted in Preston Government

The Preston city council at their December 15 meeting, the last in 2014, concluded its business for the year. City administrator Joe Hoffman maintained that this has been a very busy year with a number of different projects. The largest of these b ..... 
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Preston approves 2015 budget revisions

Mon, Dec 8th, 2014
Posted in Preston Government

City administrator Joe Hoffman presented information on the 2015 budget and levy to the public at the December 2 council meeting, allowing for a public comment period as required by state law. One resident attended, but didn’t comment during the ..... 
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Preston adopts assessment roll for 2014 improvements

Mon, Nov 24th, 2014
Posted in Preston Government

The public hearing concerning assessments due to the Twenty-14 Street and Utility Improvements was held on November 17 during the Preston city council meeting. Brett Grabau, Stantec, reviewed the 2014 improvements that involved a substantial por ..... 
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Assessment Hearings in Preston

Mon, Nov 10th, 2014
Posted in Preston Government

Two public hearings concerning assessments for St. Paul St. improvements and the North Industrial utility improvements were held on November 3 during the Preston City Council meeting. Only one property owner attended the hearings. St. Paul St. Br ..... 
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Preston maintains favorable rating

Mon, Oct 27th, 2014
Posted in Preston Government

At the Preston city council’s October 20 meeting, the sale of a general obligation bond was approved to finance utility extensions and improvements for the Industrial Park. Councilmen David Harrison and Charles Sparks were absent. Mike Bubany, D ..... 
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Preston Sets Alley Assessment Policy

Mon, Oct 13th, 2014
Posted in Preston Government

An addition to Preston’s assessment policy was approved at the city council’s October 6 meeting. About three weeks earlier, requests for several possible alley improvements had been discussed. Councilman David Harrison was absent. At that time ..... 
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Preston Sets Preliminary Levy

Mon, Sep 15th, 2014
Posted in Preston Government

The Preston City Council at their September 15 meeting unanimously passed a resolution setting the 2015 preliminary levy. The 2015 levy increase may be as much as 6.94 percent. In December when the final levy/budget is approved this increase may be ..... 
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