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Board approves $1.2M general obligation notes to reimburse CIP projects
Summary
Woodbury County approved a resolution authorizing $1.2 million in general obligation capital loan notes (series 2026A) to fund FY26 CIP projects; staff discussed terms, timing and approaches to lower interest costs.
The Woodbury County Board of Supervisors unanimously approved a resolution authorizing issuance of $1.2 million in general obligation capital loan notes, series 2026A, to finance and reimburse county CIP projects.
Ryan Erickson explained the resolution substitutes an updated loan agreement form and authorizes issuance and levy of a tax to pay the notes, which will reimburse previously expended CIP projects including demolition, park road work, EMS building repairs, IT projects and the courthouse elevator allocation. Erickson told the board the loan closing is expected in early June.
Board members discussed the note term and the county’s strategy to reduce interest costs going forward. Erickson said the notes carry a four‑year term and described efforts to shorten or eliminate routine borrowing by timing payments and making interim principal paydowns to reduce interest expense. A staff member who addressed the interest rate (Tina) indicated the rate was about 4.85%.
Erickson described an operational change to pay some amounts in December and June to better match tax receipts and reduce net interest costs. The board approved the resolution by voice vote, 5–0.
Staff will complete closing documents and report the final interest rate and debt‑service plan once the loan sale is finalized.
