$17 million in Dunn County bonds to be sold in August, December

By LeAnn R. Ralph

MENOMONIE — The Dunn County Board has authorized the committee on administration to finalize the sale of $17 million in bonds that will take place in August and in December.

 The Dunn County Board originally authorized borrowing the $17 million in May, and authorized the committee on administration to finalize the sale of the bonds at the July 17 meeting.

If the committee on administration were not authorized to finalize the sale, the Dunn County board would have to wait until September to finalize the sale or else hold a special county board meeting, said Gene Smith, county manager.

The Dunn County Board does not typically meet in August.

The money will be used to remodel the old health care center, to remodel the Government Center, and to purchase a new accounting system.

Smith said it was important to move forward with selling the bonds because he was concerned about the “volatile interest situation.”

Remodeling the old health care center for “people services” will cost $12 million, with $10.5 million going for actual construction.

The project will include a geo-thermal heating and cooling system for the old health care center that will tie into the system for the new health care center next door.

Dunn County taxpayers can expect to pay an additional $12 per year per $100,000 of property value for 13 years.

The Dunn County Board at the May meeting also approved borrowing $4.295 million to refinance existing debt from 2003 and 2004.

The August 6 sale will include $10 million in bonds at a true interest rate not to exceed 3.254 percent and $1.365 million in bonds at a true interest rate not to exceed 4 percent.

Another $7.185 million in bonds will be sold in December at a true interest rate not to exceed 4.35 percent.

The county is waiting until December to sell some of the bonds until final construction cost estimates are available for remodeling the old health care center.