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Board approves resolution awarding $2.825 million notes for Gencom radio expansion, contingent on PMA recommendation
Summary
The board approved awarding general obligation promissory notes to fund expansion of the Gencom emergency radio network, contingent on PMA's recommendation about doing the issue nonrated; the resolution passed after discussion of issuance costs and possible interest-rate effects.
The Sawyer County Board approved a resolution to award $2,825,000 in general obligation promissory notes to finance expansion of the Gencom emergency services radio tower network, with the caveat that the county administrator must accept PMA’s recommendation on whether the issue should be nonrated.
County finance staff reviewed the project status and said bids would be issued soon; the bond sale structure and final numbers would be filled in when bid results arrive. PMA recommended handling the smaller issue as nonrated, which would save about $16,000 in issuance costs; finance staff said they requested a projection of how a nonrated sale could affect future interest rates before final acceptance.
A supervisor moved the resolution and Mark Helwig made the motion; Stacy Hessel seconded. The board voted in favor; the chair announced, “Resolution passed.” The motion and approval were explicitly conditioned on PMA’s recommendation and the county administrator’s acceptance if the nonrated approach proved cost-neutral or advantageous.
Finance staff said the county had budgeted an interest rate of about 4.5% for the borrowing and hoped actual rates would be closer to about 4.25% or lower. No final bid awards or changes to rates were made at the meeting; staff said bid results and a completed resolution would return to the board when available.
