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Murray County board approves joint powers agreement to enable Lincoln‑Pipestone Rural Water bond issuance
Summary
The board voted Sept. 2 to approve a joint powers agreement enabling Lincoln‑Pipestone Rural Water to use county-issued general obligation bonds for a $43.27 million system upgrade; Minnesota statute makes the 10 participating counties pro rata backstops if LPRW defaults.
The Murray County Board of Commissioners on Sept. 2 approved a joint powers agreement (JPA) to allow Lincoln‑Pipestone Rural Water (LPRW) to use county-issued general obligation bonds to finance a major construction project.
The board voted to adopt the JPA after staff explained that LPRW plans a systemwide construction program estimated at $43,273,000 to build a new water treatment plant, wells, distribution lines, a water tower, booster stations and improvements to the Burr Treatment Plant. Financing is expected to include $26,179,000 in general obligation bonds (to be issued in three phases), a $2,194,000 USDA/Rural Development grant, $8,264,000 in state grants, $2,376,000 from Cottonwood connection fees, $260,000 in customer connection fees and $4,000,000 from LPRW.
