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SE City Council OKs Snow Farm work

City sells $915,000 in GO bonds

October 11, 2012
By Fritz Busch - Staff Writer , The Journal

SLEEPY EYE - The Sleepy Eye City Council approved a resolution Tuesday for street construction as part of the Snow Farm property bonding.

City Manager Mark Kober said the City issued $915,000 in General Obligation (GO) Improvement and Refunding Bonds, Series 2012D, rated A+ by Standard & Poor's through Northland Securities, Inc. of Minneapolis.

The bonds were issued to fund $358,313 in Snow Farm project costs that are not eligible for the State of Minnesota Credit Enhancement Program and to refund the 2014 through 2018 maturities of the $1,870,000 GO Improvement Bonds, Series 2007C.

Average interest rate of the new bonds used for 2007C refunding was 1.54 percent. Average interest rate on new bonds for non-eligible Snow Farm improvements was 3.21 percent with final maturity in 2040.

The new bonds for 2007C refunding create a $38,002 net debt service reduction, $6,848 in annual debt service savings. The 2007 bonds and have an average interest rate of 4.1 percent.

"Bond rates were a little better than anticipated. Not a bad deal at all,"?Kober said.

The city council approved:

A zoning variance allowing a 19-foot front yard setback from the west property line (4th Ave. S.W.) for Chuck Spaeth Ford to build a 17x80-foot addition to the west side of an existing building. The required setback is 25 feet. The addition is needed to allow new, larger trucks to move more easily inside the shop and increase storage space.

Paying budgeted costs for Kober and Mayor Jim Broich to attend the 2012 National League of Cities Conference Nov. 28 to Dec. 1 in Boston. Kober said he and Broich have never attended the event before. He estimated total costs at less than $2,000 per person using government hotel rates he was able to secure.

Appointing recent law school graduate and Sleepy Eye native Alissa Fischer as assistant city attorney, replacing Donald Schmid.

Lifting probationary status of Police Officer Amber Wieland.

(Fritz Busch can be e-mailed at fbusch@nujournal.com).

 
 

 

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