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Dunn County board approves combined $12.3 million borrowing to cover HVAC and highway projects
Summary
The Dunn County Board approved a parameters resolution to combine two previously authorized borrows into one not-to-exceed $12.3 million issuance, requiring a three‑quarters vote; the board recorded the required affirmative tally and authorized staff to proceed with sale parameters.
The Dunn County Board of Supervisors voted on May 20 to approve a parameters resolution authorizing a combined not‑to‑exceed $12.3 million issuance to fund an HVAC project and highway work.
County staff told the board the two previously authorized borrows — roughly $9.5 million for an HVAC replacement and $3 million for county highway projects — could be combined into a single financing to avoid duplicate administrative fees and gain a stronger presentation to rating agencies. The county manager said combining the financings could save “about $100,000 maybe less in additional charges,” and would reduce staff time in processing separate sales.
The parameters resolution grants the county manager, the board chair and the county clerk authority to execute the sale within specified limits — including acceptable interest-rate parameters, length of repayment and payment schedule — so the county can act quickly when market conditions are favorable. The manager also explained how callable bonds and refinancing options work and said the county has refinanced debt in the past.
Because the item bundles two prior borrowings, state/local rules require three‑quarters of the elected members to vote in the affirmative. The board’s roll-call produced the necessary supermajority and the resolution passed. County staff said moving the borrowing earlier could avoid dipping into short‑term cash targets and preserves higher‑yield investments that the county prefers to leave intact.
Next steps: administration will work with the municipal advisor and bond counsel to finalize sale parameters and proceed with execution under the approved authorization.
