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Elm River WRD directs counsel to gather payoff scenarios for Series B bonds
Summary
Bond counsel briefed the board on calling Series B bonds to reduce interest costs; the board voted to have Ohnstad Twichell collect payoff scenarios for early redemption.
At the Feb. 3 meeting, bond counsel Katie Schmidt provided information to the Elm River Joint Water Resource District about calling the Series B bonds as a means to save on interest costs. Following the presentation, Manager Jason Siegert moved to direct legal counsel Ohnstad Twichell to collect payoff scenarios for early redemption; Manager Josh Ihry seconded and the motion carried unanimously on a roll-call vote.
The board took no immediate action to call the bonds at the meeting; instead it directed outside counsel to return with payoff scenarios to inform any future decision. The minutes identify Ohnstad Twichell as the firm tasked to prepare the payoff scenarios; further financial details were not provided in the meeting record.
