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Refinancing of Federated bonds moves forward

By Reed Anfinson
Publisher
Swift County Monitor-News
Swift County Commission Chair Joe Fox and Administrator Kelsey Baker were authorized to lock in the interest rate for the refinancing of the 2016 tax abatement bonds sold for Federated Telephone’s broadband project.

At last Tuesday’s meeting, the “parameter resolution” was presented to the county board. It is called a parameter resolution because it gives Fox and Baker some leeway on when to sign the agreement.

There are a few restrictions, however, George Eilertson of Northland Securities of Minneapolis told commissioners. To lock in the interest rate, the principal amount of the bonds can’t exceed $6.15 million, he said. It also says that the savings on the refinancing county must be at least a net 3%...
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