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11/01/2017

THE MARTIN COUNTY BOARD MET IN A SPECIAL SESSION ON TUESDAY TO AWARD THE SALE OF GENERAL OBLIGATION DRAINAGE DITCH BONDS. BILL FAHEY, NORTHLAND SECURITIES AND FINANCIAL CONSULTANT FOR THE COUNTY REVIEWED THE BOND SALE WHICH TOOK PLACE ON MONDAY. MR. FAHEY SAID THE WINNING BID FOR THE 4.755 MILLION DOLLARS IN BONDS WAS FROM F T N FINANCIAL CAPITAL MARKETS FROM MEMPHIS, TENNESSEE.

FAHEY SAID THE AVERAGE INTEREST RATE WOULD BE 2.79 PERCENT, TOTAL INTEREST COST AT 2.56% AND ALL INCLUSIVE COST AT 2.71 PERCENT. THE ORIGINAL BOND AMOUNT OF 4.9 MILLION WAS REDUCED BY THE REOFFERING PREMIUM AND UNUSED DISCOUNT ON THE BONDS.

THE SALE WAS CONDUCTED TO PROVIDE FUNDS TO FINANCE DITCH REPAIRS AND IMPROVEMENTS THROUGHOUT THE COUNTY. THE BONDS HAVE BEEN STRUCTURED TO RESULT IN RELATIVELY LEVEL ANNUAL DEBT SERVICE PAYMENTS WITH VARYING MATURING LENGTHS FOR 10, 15, 16, 18 OR 20 YEARS. SOME HAVE BEEN STRUCTURED WITH THE FIRST PRINCIPAL PAYMENT OCCURRING ON DEC. 15, 2018 AND OTHERS WITH THE PRINCIPAL PAYMENT OCCURRING ON DEC. 15, 2019.

FIVE BIDS WERE RECEIVED FOR THE BOND SALE ACCORDING TO BILL FAHEY.


ROD HALVORSEN
© 2015 KSUM KFMC


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