Olmsted County Approves Resolution for $21.5M General Obligation Bonds Sale

The Olmsted County Board of Commissioners convened on August 20, 2025, to discuss the authorization for the issuance and sale of general obligation bonds. The meeting was led by Wilfredo Roman Cattaralomsi, the County Chief Financial Officer, who provided an overview of the financial plan and the timeline for the bond sale.

The primary focus of the meeting was the approval of a resolution to enter into a competitive sale process for the bonds, scheduled for September 16, 2025. Cattaralomsi explained that the bonds would fund significant capital projects, including $15.2 million allocated for the materials recovery facility and an additional $6.3 million for various equipment and building needs unrelated to the waste-to-energy facility.

Cattaralomsi emphasized the importance of the county's AAA credit rating, which only 3% of counties nationwide hold. This rating is crucial as it allows Olmsted County to secure lower interest rates on the bonds. The county plans to work with municipal advisor Northland Securities and legal counsel Dorsey & Whitney to ensure compliance with all regulations during the sale process.

The discussion also touched on the financial strategy behind the bond issuance. The bonds will be secured by property taxes and revenues from the solid waste facility, ensuring that the county can meet its repayment obligations. Cattaralomsi noted that the structure of the bonds is designed to match the useful life of the financed assets, with a focus on responsible financial management.

Commissioners raised questions regarding the funding gap for the materials recovery facility project, which has an estimated total cost of $52 million. Cattaralomsi indicated that the county is seeking additional state funding and may return next year to finalize the financing plan if necessary.

The board ultimately approved the resolution to proceed with the bond sale, marking a significant step in funding essential infrastructure projects for the county. The next steps will involve the competitive bidding process and ongoing discussions about securing additional funding as needed.