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Beltrami County staff move forward with $35.73M jail bond presale; sale planned Jan. 20
Summary
County staff told commissioners they will seek a presale authorization tonight for a proposed $35.73 million general obligation jail bond series to be sold Jan. 20 and closed around Feb. 12; the county plans to use local option sales tax proceeds to repay the bonds and will apply for state credit enhancement to lower interest costs.
Beltrami County officials on Tuesday detailed next steps for financing the county's jail construction project, telling the board they will seek a presale authorization tonight to move forward with a roughly $35.73 million bond sale.
Dan Tinker, senior municipal adviser with Ehlers (recorded as Eller's and Associates in the packet), told the board the proposed Series 2026A general obligation jail bonds would be reduced from an earlier $40 million estimate to $35,730,000 and issued over a 20-year term. He said county leaders plan to repay the bonds using local option sales tax proceeds and will apply for Minnesota state credit enhancement to secure a stronger rating and lower interest costs.
The presale schedule outlined by Tinker calls for distributing the official…
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