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Worth County approves preliminary statement and repurposes $1.6M of 2023A bond proceeds for facilities
Summary
The board approved a resolution authorizing use of a preliminary official statement for general obligation urban renewal bonds (series 2025A) and agreed to repurpose up to $1,600,000 of prior 2023A bond proceeds toward county facility projects; staff scheduled a special meeting Oct. 15 to lock interest rates.
Worth County approved a resolution authorizing use of a preliminary official statement prepared by bond counsel and underwriter to market general obligation urban renewal bonds, series 2025A, to finance several county facility projects.
A representative from Dorsey & Whitney reviewed the preliminary official statement and a proposed finance plan. The presentation described the document as the standard disclosure package for potential investors and said it includes county financial data, outstanding debt and project descriptions. The county intends to back the bonds as general obligation debt while using tax increment financing (TIF) revenues tied to wind‑energy development to pay debt service.
During discussion staff recommended adjusting a line in the draft resolution to repurpose up to $1,600,000 of 2023A bond proceeds toward eligible facility projects; the board approved that amendment and passed the resolution by voice vote. The board also approved the engagement of Dorsey & Whitney for the financing work.
Staff announced a short special meeting to lock interest rates on Wednesday, Oct. 15 at 8:30 a.m. (Zoom) so the county could enter the bond market after Monday markets were closed for a holiday. Closing is expected in November when final numbers are available.
