Sherburne County scores lower interest rate

Managing Editor

by Jim Boyle
The Sherburne County Board of Commissioners got good news on May 16 when it received the result of its recent bond sale.
The winning bid out of nine total bids offered an interest rate of 3.2 percent, which is less than the projected interest rate of 3.4 percent.
That’s about $1.3 million less in interest cost than predicted for the issuance of $38.955 million in bonds. The winning bidder was Robert W. Baird & Co out of Milwaukee, Wisconsin.
The bonds will be structured so they are wrapped around the county’s existing debt from jail refunding bonds and capital improvement bonds that will fall off 2020 and 2023.
Standard & Poor’s Rating Services assigned the county’s long-term and underlying rating at AA+, citing strong budgetary performance with operating surpluses in the general fund, strong management and institutional framework, and budgetary flexibility from a high available fund balance in fiscal 2015 of 72 percent of operating expenditures.