St. Louis County Approves Bond Sales for Multiple Facilities

County Will Receive $29 Million for New Buildings

DULUTH, Minn.-The St. Louis County Board has unanimously approved the sale of $28,095,000 of general obligation capital improvement bonds, which will be used to construct a new government services center-north facility in Virginia.

It will also help offset costs for site improvement and advance ordering for the planned public works maintenance facility in Cook. A second bond issuance is expected later this year to fund the remaining building costs for the Cook project.

Because of the county’s  AA+ credit rating and the market place providing the financing, the interest rate will be 3.058 percent. While the county is issuing $28,095,000 in bonds, based on the competitive bidding process, the county will actually receive $29,779, 222. In other words, the county will receive an additional $1.68 million that will offset future costs.

“We are very pleased with the results of the issuance,” said County Auditor Don Dicklich. “It demonstrates that strong financial management pays dividends for our taxpayers.”

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