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Refinancing bonds will save Winsted money
May 22, 2020

Ivan Raconteur

WINSTED, MN – The Winsted City Council, during the May 19 meeting, approved refinancing bonds to reduce interest costs.

Bond consultant Shannon Sweeney of David Drown Associates said the move will save the city about $52,000.

The bonds currently carry an interest rate of 4.9 percent. The new rate will be 2.14 percent.

The council adopted a resolution approving the issuance of up to $535,000 of Lease Revenue Refunding Bonds, Series 2020B, and authorized the mayor and city clerk-treasurer to execute related documents.

The original bonds were used to finance a portion of the city hall project.

No parades

The council discussed two requests for parade permits, one from Holy Trinity Schools and one from Howard Lake-Waverly-Winsted Schools.

Based on advice from the city attorney and potential liability if the city were to ignore an executive order from the governor, the consensus of the council was not to approve the permits, and they were removed from the consent agenda.

Odds and ends

In other business, the council:

• discussed the purchase of an emergency generator to power city hall at an estimated cost of $49,000 to $54,000, but put this on hold until more information is available about items that could affect the city’s budget, such as potential cuts to local government aid.

• approved a request for city staff to resume regular schedules after Memorial Day.

• heard from City Administrator Adam Birkholz that installation of new air conditioners at city hall has begun.

• adopted a resolution to schedule a public hearing Tuesday, June 16 at 6 p.m. regarding vacation of an alley between 4th St. So. and 3rd St. So.

• accepted the donation of a bike repair station valued at $1,597 from the Friends of the Luce Line West. It will be located in Southview Park near the Luce Line State Trail.

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