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BLUE EARTH-- The Faribault County Commissioners met on Thursday and authorized the issuance and sale of $5.355 million General Obligation State Highway bonds.
The idea of using the sale of bonds to fund improvements to the county's hard-surface roads began earlier this year and the board had voted during a meeting in November to have county treasurer/auditor Darren Esser to proceed with the process of the bond sale.
"The bids were solicited through 11 a.m. on Dec. 8 and five bids were received," Esser commented. "The winning bidder was Piper Sandler and Company. They offered the lowest true interest rate of 1.4553 percent."
Esser explained the sale was for $5.355 million rather than the $6 million figure which had been discussed.
"W received a $480,861 premium (upfront money) which resulted in the total amount being $5,835,861," he told the commissioners. "This amount keeps us under the $10 million bank qualified threshold for 2021."
Public Works director Mark Daly was present during the meeting and presented a map to the commissioners outlining the road projects for 2022 and 2023 along with other projects which may also be undertaken because of the bond sale.
"Most of the work in 2022 will take place in the eastern half of the county," Daly said. "In 2023 the work will shift to the western side of the county. We will also be resurfacing the Unity Trail which leads to the rest stop."
In other business:
-- Esser reminded the commissioners of the tax forfeiture auction which will take place on Dec. 17 at 9 a.m.
-- Ben Gettis of Midwest IT reviewed security protocols with the commissioners.
-- The board passed a motion to pay the remaining $225,035 Public Works ditch bill utilizing budgeted 2020 and 2021 general fund dollars.