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Beltrami County approves $33.715 million bond sale to finish jail project
Summary
The Beltrami County Board approved a $33.715 million general obligation bond sale to fund remaining construction of the county jail; advisers reported lower-than-expected borrowing costs and projected debt-service averaging about $2.58 million a year to be paid from local option sales tax.
Beltrami County commissioners on Monday approved a resolution awarding $33,715,000 in general obligation bonds to fund the final phase of the county jail project.
Bruce Kimmel of Eller’s, who presented the sale-day report, said the county received eight bids and accepted a winning syndicate bid from Raymond James with a true interest cost of about 3.68%. "The final bond amount is $33,715,000," Kimmel said, adding that yields on the bonds ranged roughly from 2.26% to 4.3% and the sale produced roughly $2.7 million in premium that was applied to lower the par amount.
Kimmel…
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