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Category: Debt and Borrowing

Board Approves $27 Million in New Borrowing

At the September, 2017 Regular Meeting, the St. Croix County Board approved borrowing an additional $27 Million for the construction of a new Highway Department facility to be located in Baldwin.  The proposed new facility would consolidate many of the current, stand-alone structures into a single large facility, constructed on a 53 acre site purchased from the Village of Baldwin. Costs for the land purchase and construction will be financed through the County’s issuance of $27 Million in 20 Year, General Obligation (GO) Bonds, adding $1,925,000.00 in annual debt service to the tax levy in years 2019 – 2038....

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Board Approves Additional $330,000.00 Loan for Health Center Cost Overruns

At the April 4th, 2017 regular meeting, the St. Croix County Board approved the borrowing of an additional $330,000.00 to cover cost overruns associated with the construction and remodeling of the health center project. According to Randy, the Market & Johnson construction manager  overseeing the project:  “Right now, as it sits… we’re on that, uhh… dreaded point where we’re gettin’ close… we’re not out of money yet, [but] we’re very close.” The loan will come from the County’s General Fund, and increase the total amount borrowed from the General Fund for the Health Center project from $670,000.00 to an even $1,000,000.00.  The...

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Board Votes to Borrow Additional $4.9 Million for Capital Improvements

At the March 2017 regular meeting, the County Board voted to borrow an additional $4.9 million dollars to fund a list of capital improvements projects.  The loan, made by the State Trust Fund, will make up the difference between available cash, and the $7.7 million total cost of the Capital Improvements Plan (CIP) compiled and prioritized by the County Administrator. The loan, which carries a 5 year repayment term, will fund projects scheduled over the next two years.  The full list of funded projects, along with which ones will be funded with cash vs. which will be funded with...

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