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County sells bonds to fund fiber optic project

Mavis Fodness

Three bids were received for Rock County’s $1.2 million general obligation bonds.
Proceeds from the bond purchase will fund the county’s portion of the fiber optic infrastructure project as well as improvements approved in its 2015 capital improvement plan (CIP).
Commissioners approved selling the bond to the lowest bidder, Robert C. Baird & Co., from Milwaukee, Wisconsin. Baird bid a true interest cost of 3.1771078 percent.
Other bids received included City Securities Corp., Indianapolis, Indiana, 3.1796983 percent, and United Bankers’ Bank, Bloomington, Indiana, 3.1945771 percent.
George Eilertson with Northland Securities, Minneapolis, handled the sale of the 20-year bonds.
He told commissioners that several factors led to three companies bidding at the county’s July 10 bond sale. Factors included the county’s AA+ credit rating, history of good management and paying 85 percent of debt obligations within 10 years as contributing factors to attracting three bidders.
The county will receive the funds by mid-August.
In the county CIP, commissioners have earmarked monies for the Rock County Community Library’s remodeling project.
In other business, commissioners:
•approved a $6,000 bid from Dakota Security, Sioux Falls, South Dakota, to install security cameras in the court’s administration area.
•agreed to a $2,000 per month lease agreement for a transit bus with ?. The county will receive an 85-percent reimbursement from the state.
•announced that the retirement party for Angel Otero, Rock-Nobles Community Correction’s community service supervisor, is scheduled for Friday, Aug. 28, at the Prairie Justice Center in Worthington. The event will be from 2 to 4 p.m.