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By LeAnn R. Ralph
MENOMONIE — The Dunn County Board has approved the sale of $8 million in promissory notes.
The bid proposal by Robert W. Baird & Co., Milwaukee, was accepted at the Dunn County Board’s May 15 meeting.
About $4 million of the money will be used to fund the remodeling project at the Community Services Building on Highway 12/29 — the former Dunn County Health Care Center — to house the county offices currently located at the Dunn County Government Center on Wilson Avenue.
The Government Center was formerly known as the Dunn County Courthouse.
The Dunn County Board approved a resolution to borrow $6.15 million at the November of 2018 meeting.
The county board approved increasing the amount of the general obligation promissory notes for 2019 capital projects by $475,000 at the January meeting for the purchase of computer servers and related equipment and installation costs.
The Dunn County Board again approved increasing the amount of the general obligation promissory notes by an additional $1.375 million at the April meeting to fund the cost of a settlement reached in connection with the county’s Enterprise Resource Planning (ERP) software implementation.
In addition to remodeling the Community Services Building and the additional software and settlement costs, the money will be used to pay for capital projects that will include county highway improvements, information technology infrastructure, emergency management and sheriff’s department equipment purchases and installing bullet-proof glass in the Dunn County Judicial Center.
According to the resolution approving the sale of the $8 million in general obligation promissory notes to Robert W. Baird & Co., the money will be borrowed at an interest rate of 2.18 percent.
The total cost of the interest on the $8 million will be $974,480.17.
The first payment will be due April 1, 2020, in the amount of $818,367.67, representing $685,000 in principal and $133,367.67 in interest. An additional interest payment of $78,581.25 will be due October 1, 2020.
Principal and interest payments will continue in April and in October until April 1, 2029, with a final payment of $896,062.50, representing a principal payment of $885,000 and an interest payment of $11,062.50.