Swift County’s Board of Commissioners unanimously approved the sale of $7,805,000 of taxable general obligation tax abatement bonds at their April 5 meeting to finance broadband expansion in the eastern half of the county.
The motion simply set the terms of the sale of the bonds and a deadline for making a bid of 10:30 a.m., May 2. Action to award the bonds is scheduled to take place at the county board’s May 3 meeting.
Commissioners also voted to retain Northland Securities, Inc., of Minneapolis, as its financial adviser for the bond sale at the cost of $22,000.
While Swift County selling the bonds and its taxpayers will be backing them up, Federated Telephone Company will be making the payments over the next 20 years to retire the debt.
Last year, Swift County agreed to support Federated Telephone’s expansion of broadband services to the eastern half of the county by committing to $7.5 million in bonding for the $12.5 million project.