Financing costs considered for construction

During their July 7 meeting, members of the Waseca County Board of Commissioners signed a proclamation honoring all individuals from the county who take part in Special Olympics. Named specifically in the proclamation was Jake Lieser, a Waseca athlete who earned two gold medals and one silver during the national level Special Olympics contests held in the Twin Cities during June.

 

Financing for the construction of the new justice center was a major item of discussion during the commissioners’ morning work session. Bruce Kimmel, a senior municipal advisor with Ehlers Municipal Advisory out of Minneapolis, suggested that the county borrow a maximum of about $25 million in two separate stages as funds are needed to cover the various stages of the construction, due to be underway for the next 1.5 years.

 

He commented on the county’s strong financial standing and its low level of already-existing debt, saying the county is in “a good position” as it seeks agencies willing to “bond” for the financing. He went on to say the county has an AA financial rating, which, on projects of this type, receives a degree of state support that leads to an AAA rating. Ehlers suggested the county is likely to be eligible for interest rates as low as 3.25 percent.

 

Under Ehlers’ suggested time frames, the county will be holding a public hearing early in August regarding borrowing a maximum of $25 million for the justice center project. With that authorization in place, the county will then call for bids from regional contractors on various elements of the construction, beginning with clearing, shaping and preparing the construction area. The intended time frame has that phase of the work beginning yet this fall.

 

As discussion of the construction bonds took place, board chair De Malterer summarized some thoughts that commissioners had raised: “In our corner of the world,” she told Ehlers, “we like to pay as little interest as possible. We borrow as little money as we can, and pay it off as quickly as we can: I don’t mean just the members of this board, I mean that’s how we are in Waseca County.”

 

In other matters of business, commissioners approved a contract for just under $100,000 with Selly Excavating of LeCenter to replace a 1940s era culvert along County Road 73 about half a mile south of its intersection with Highway 13. Work is scheduled to begin in August.

 

Commissioners also approved payment of about $145,000 in “appropriations,” amounts paid to a variety of local agencies to support their programs and projects. The county pays out most appropriations in two halves; the first in the summer and the other around the end of the year. With few exceptions and barring any changes in the next few months, the following amounts will be paid to the same agencies again in December. South Central Emergency Medical Services, $1,250; Historical Society, $37,500; Waseca Chorale, $1,250; South Central Minnesota Multi-Housing and Redevelopment Authority, $762; Clean River Partners, $125; Southern Minnesota Tourism Association, $474; Minnesota Agricultural Interpretive Center-Farmamerica, $7,500; Waseca Art Council, $6,500; Waseca Area Senior Citizens, $2,500; Minnesota Valley Action Council, $4,500; Open Door Health Center, $250; Waseca Area Neighborhood Service Center, $7,500; Agricultural Society, $35,000; Small Business Development Center, $1,000; Southern Minnesota Initiative Foundation, $2,782; and the Soil and Water Conservation District, $30,168. The regional agricultural organization GreenSeam receives funds of $5,000 only once a year. 

 

Public Health Director Sarah Berry requested official county acceptance of a donation of child safety seats to be distributed to county residents with qualifying incomes. She explained the county is receiving four combination and four convertible seats, and is contributing staff time to install the chairs properly and provide training to families. Funding  comes from the Minnesota Office of Traffic Safety and is comprised mostly of fines paid by individuals cited for illegal or unsafe transportation of children in motor vehicles.