St. Louis County has completed the issuance of $26 million general obligation bonds to construct three new Public Works Maintenance Facilities. The bond sale was authorized by the County Board in August, and today County Auditor Nancy Nilsen updated commissioners that the interest rates on the bonds came back at a very favorable 1.85%.
Auditor Nilsen credited commissioners for authorizing the sale when they did. “We knew the marketplace was getting volatile, so it was good that we were ready to go,” Nilsen said. “I’m very pleased that we received such a great rate, and that the bond rating agency reaffirmed St. Louis County’s strong financial position.”
Commissioner Keith Nelson praised the Auditor’s Office team and others who worked on the bond issuance, “Maintaining our AA+ credit rating is huge,” Nelson said. “The sound fiscal management we continue to demonstrate in St. Louis County is once again paying dividends for our tax payers as we move forward on these long overdue projects.”
The bonds will fund the construction of three new maintenance facilities in Kugler Township, Culver Township and near the Whiteface Reservoir. These will replace five smaller garages in Tower, Embarrass, Brookston, Brimson and the Town of White that have outlived usefulness due to age, lack of space, or both.
The bond sale also will cover the costs to construct a public works storage building, salt/sand dome and brine making system at the Meadowlands Public Works Maintenance Facility; two salt/sand dome buildings and brine making systems at the Floodwood and Hibbing garages; and three salt/sand dome facilities at the Jean Duluth, Cotton and Buyck Public Works garages.