County to consider selling bonds

Published 12:00 am Monday, October 14, 2002

County Commissioners will meet in a special meeting Tuesday to discuss the sale of $25.7 million in bonds for the courthouse project, which will be the biggest enterprise in the county’s history.

The meeting will be a joint session of the county board and Housing Redevelopment Authority, both of which include same five commissioners.

The bonds consist of three segments: general-obligation jail bonds, leased revenue LEC bonds and leased revenue courthouse bonds. While the general-obligation bonds will be issued by the county, the leased revenue bonds will be by the HRA.

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The general-obligation bonds have a guarantee by the state, therefore enjoy the lowest interest rate. For the leased revenue LEC bonds, the county will make a &uot;general-obligation pledge&uot; that obligates the county to levy taxes for repayment. The leased revenue courthouse bonds will have the highest interest rate among the three.

During the meeting, Senior Vice President Myron Knutson of Evensen Dodge, a bonding firm hired by the board to administrate the sale, will present the process of bonding.

If the bonds are approved, the county will conduct bidding for the bonds, and the interest rate will be finalized.