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RWJPA consents to modified bond and repayment flexibility for Bois de Sioux Golf Course project
Summary
The RWJPA approved consent to changes for the Bois de Sioux Golf Course financing, allowing an unspecified bond amount with the same RWJPA contribution and permitting repayment terms of not less than 10 years rather than a fixed 15-year term.
Fred Strege updated the board on the Bois de Sioux Golf Course project, reporting the City of Wahpeton plans to pursue a larger bond—about $1.4 million—because of higher expected costs and to seek a 20-year repayment schedule instead of the earlier 15-year term.
Strege said the city was not requesting additional RWJPA funds but asked for the RWJPA’s consent to modify the earlier agreement. Perry Miller moved that the RWJPA approve two changes to the previously approved terms: (a) allow a repayment schedule of not less than 10 years rather than a fixed 15-year term; and (b) remove a fixed bond amount from the Distribution Agreement so long as the RWJPA’s total contribution remains unchanged. Nathan Berseth seconded the motion, which carried by unanimous roll call.
The board’s approval grants the City of Wahpeton flexibility on bond sizing and repayment timing while preserving the RWJPA’s original contribution amount. The draft Distribution Agreement will be revised to reflect those changes and returned for administrative processing.
