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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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Dorian Honor Band students selected from Fillmore Central

Mon, Jan 26th, 2015
Posted in Preston Education

The following ten Fillmore Central Band Students on being selected to participate in the 2015 Luther College Dorian Honor Band on Sunday, February 22 and Monday, February 23, in Decorah, Iowa: Participating in the Massed Bands: Cami Jones, flute ..... 
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Rose Kathryn Haagenson

Mon, Jan 26th, 2015
Posted in Preston Obituaries

Rose Kathryn Haagenson, 89, of Manchester, Iowa, passed away Tuesday, January 6, 2015 in West Chicago, Ill. She was born July 22, 1925 in Preston, Minn., the daughter of John and Lena (nee Krock) Shields. Rose was united in marriage to Stanley H ..... 
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Many make tracks to Candlelight Ski and Chili Cook-Off

Mon, Jan 26th, 2015
Posted in Preston All

A mild but breezy evening was on tap for Preston’s Candlelight Ski & Chili Cook-Off 2015 on January 17 in Preston, Minn. with many area residents and guests attending. The free event is sponsored by the Preston Area Chamber of Commerce and the Tra ..... 
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Preston woman survives vehicular plunge into Root River

Mon, Jan 19th, 2015
Posted in Preston Features

At approximately 7:11 p.m., on Friday, January 9, 2015, the Fillmore County Sheriff’s Department dispatch received a report that there was a one vehicle accident south of Wykoff on County Road 5, just south of County Road 12 on the way to Forest ..... 
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Clarice Ebner

Mon, Jan 19th, 2015
Posted in Preston Obituaries

Clarice Lorrayne Ebner, 90, of Preston, died Monday, January 12, 2015 at the Gundersen Harmony Care Center. Funeral services were held at 11 a.m. Thursday, January 15, 2015 at Christ Lutheran Church in Preston with Rev. Dave Jore officiating. Bur ..... 
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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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“Hot Reads for Cold Nights” at Preston Public Library

Mon, Jan 12th, 2015
Posted in Preston Features

Come in out of the cold and check-out a “Hot” read. Preston Public Library invites adults to sign up for “Hot Reads for Cold Nights”. This event begins Monday Jan. 5 and continues through March 14. Readers’ reviews will be posted on ..... 
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Preston’s Candlelight Ski & Chili Cook-Off

Mon, Jan 5th, 2015
Posted in Preston The Great Outdoors

Let it snow, just in time for Preston’s annual Candlelight Ski & Chili Cook-Off event! Bundle up and come on down to the Trailhead Inn office on Saturday evening, January 17 to ski on the trail and to sample some wonderful chili contest entries. ..... 
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