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Board authorizes LEC Authority to use county-provided non-bond funds for legal and consultant costs
Summary
Supervisors approved allowing the LEC Authority to use $717,863.12 of previously provided non-bond funds for legal fees, consultant and engineering costs related to the LEC project; board noted city approval is also required and unspent funds will revert to the county.
The Woodbury County Board of Supervisors approved a request allowing the LEC Authority to use $717,863.12 in available non-bond funds the authority has received to cover legal fees, expert consultant fees, engineering and owner fees tied to the LEC project.
Supervisors explained the action repurposes county-provided project funds that are not taxed bond proceeds but rather non-bond monies previously transferred to the authority under a May 17, 2022 board action. County staff and bond counsel reviewed the accounting and advised the change is permissible; the board stressed that any unspent funds will be returned to the county. The board also noted the city will consider a companion action next week to reallocate the city’s $375,000 portion toward legal and related costs.
The motion to permit use of these funds passed unanimously, 4–0. Board members said the accounting change will spare the county the need for additional 28E agreements going forward and will allow the authority to cover necessary legal and design expenses as the project is finalized.
