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Board approves resolution declaring intent to issue debt to reimburse prior project expenditures
Summary
The board approved a resolution under Treasury Regulation 1.150‑2 declaring the county's intent to issue debt and reimburse prior expenditures for specified projects; county staff said reimbursements occur when debt is issued.
The Woodbury County Board of Supervisors approved a resolution declaring the county's official intent under Treasury Regulation 1.150‑2 to issue debt that would reimburse the county for earlier expenditures on specific projects.
Ryan Erickson of board administration explained the basic mechanism: "The county generally expends the money before the county issues the debt. So this is a resolution saying that when the debt is issued, it will reimburse the expenditures that the county has already made." The motion to approve the resolution was moved by Dietrich, seconded by Carver, and recorded as passing during the meeting.
No further details on the exact projects named for reimbursement were read into the public record at the hearing; staff provided the resolution and supporting materials in the meeting backup.
