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Rushford authorizes bond sale, contract with Chamber; looks to Highway 43 completion


By Kirsten Zoellner

Mon, Apr 20th, 2015
Posted in Rushford Features

The city of Rushford has approved a bond purchase agreement in relation to a bond refinancing effort discussed in depth last February. The opportunity to refinance a 2009 General Obligation Improvement Bond, purchased for downtown street reconstruction and utility extensions to Pine Meadows North and the Himlie Business Park, was identified by financial consultant Mike Bubany, of David Drown Associates. Initially, projected savings had been estimated at up to $263,000 utilizing General Obligation Crossover Refinancing Bonds in the amount of $2.24 million.

A Trigger Resolution, set at a minimum of $200,000, was incorporated to mitigate the risk of interest rate fluctuation during a rating study and prior to bond sale. At the March 23 council meeting, an updated report from Bubany indicated savings projections less than anticipated, but still significant. A revised triggering resolution restated the savings target at $110,000 prior to authorizing the sale of bonds. It was approved by the council, allowing the issuance of up to $2.27 million of Crossover Refunding Bonds.

At the April 13 meeting, Bubany presented an updated report on the bond refinance. A bond purchase agreement with Robert W. Baird & Company, Inc. in the amount of $2.24 million was recommended providing interest savings of $135,347. The net interest rate of the bonds is 2.6869 percent. The first four bi-annual payments will be covered by escrow funds, after which the payments will then “crossover” and principal payments begin August 1, 2017 and conclude February 1, 2031.

Bubany noted the firm of Robert W. Baird & Company, Inc. was chosen for its history with city and for having the most favorable rates. Additionally, the firm reduced the amount of compensation paid in light of the new savings target.

A portion of the process also included updating the city’s Standard & Poor’s credit rating. The city was previously downgraded to an “A” rating for not meeting the general fund reserves goal. With FEMA reimbursement now received, the city had hoped to have the rating restored to an “A+”, which would have provided additional interest savings. However, the rating was not upgraded by Standard & Poor’s, due to the status of the city’s general reserves, which are improving, but are lower than the city-set reserves policy.

The rating fee is $10,000 regardless of any rating change. Bubany noted the cost of the rat .....
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Letter about 2014 investigation...

Mon, Apr 20th, 2015
Posted in Rushford Letter to the Editor

To the Editor, The results of a 2014 investigation into the actions of the Houston County Zoning Administrator has been released The law firm of Lockridge Grindal Nauen was hired by the County Commissioners due to the sheer volume of ethics co ..... 
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Journal Writing Project: The Beatles’ impact on music

By Jeremiah Munson

Mon, Apr 13th, 2015
Posted in Rushford Journal Student Writing Project

A couple of days ago Ringo Starr came out with a new album called “Postcards from Paradise” and I have been listening to it constantly. Another former Beatle, Paul McCartney, has also been active recently doing two songs with Kanye West and Riha ..... 
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Lois Roberton Nursing Scholarship for local nursing students

Mon, Apr 6th, 2015
Posted in Rushford Education

The Rushford Area Community Foundation is pleased to announce that applications for this year’s Lois Roberton Nursing scholarship are currently being accepted. Through the generosity and vision of the late Lois Roberton, Rushford Community Found ..... 
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RINtek annual meeting

Mon, Apr 6th, 2015
Posted in Rushford Features

The annual meeting of the Rushford Institute for Nanotechnology (RINTek) will be held on Saturday, April 18, 2015 starting at 11 a.m. in Stumpy’s basement meeting room. All interested parties are invited to attend and learn about the goals and o ..... 
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Robert Wayne Schlueter

Mon, Apr 6th, 2015
Posted in Rushford Obituaries

It is not the number of days we are given but, the spirit in which we live..... Robert Wayne Schlueter was born January 31, 1949 to Douglas and Leona Maxine Schlueter in Le Sueur, Minn. Bob graduated from Le Sueur high school in 1967. Upon graduat ..... 
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Roger Ronnenberg

Mon, Mar 30th, 2015
Posted in Rushford Obituaries

Roger H. Ronnenberg, 75, of Rushford, Minn. died on Saturday, March 21, 2015, at his home in Rushford, following an eight month battle with lung cancer. Roger was born on July 12, 1939, in Rushford to Elmer and Ella (Wenzel) Ronnenberg. He was ..... 
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Gertie Leona Bakkum

Mon, Mar 30th, 2015
Posted in Rushford Obituaries

Gertie Leona Bakkum, 96 of Rushford, died Tuesday, March 24, 2015 at Good Shepherd Lutheran Home in Rushford. Gertie was born February 20, 1919 in Canton, Minn. to Olaf and Clara (Peterson) Lysgaard. She attended school at Newberg School through the ..... 
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Rushford-Peterson revisits old issues

By Kirsten Zoellner

Mon, Mar 23rd, 2015
Posted in Rushford Education

The Rushford-Peterson School Board met Monday, March 15 and once again debated issues raised at previous meetings. At the February meeting, a summary by ATS&R architect Dean Beeninga on the New School Initiative prompted some discussion of an altern ..... 
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