The Kearney County Board of Supervisors amended their 2011/12 budget to reflect the reissue of hospital bonds at their meeting on Tuesday, March 6.
The board approved the refinancing of the KCHS bond from 2009 at their meeting on January 17.
The refinance locks in interest rates currently sitting at all-time lows. Cody Wickham of DA Davidson explained that the bonds have a 5-year call date but can take one advance refinance.
The bonds, which paid for HVAC, boiler systems and electronic upgrades were taken out in March of 2009 meaning they won’t be called until 2014.
By refinancing, the board will pay $1.14 million for the bonds. That payment will sit until the call date and then be administered on March 31, 2014, at which time the savings were expected to be $55,000.
However, the interest rates dropped another 15 points over the weekend before the reissue was approved, which raised the expected savings to $70,000.
The approval of an amended agenda was the last step in the process.
At the meeting’s outset, the board heard from Christina McIntire of Kearney County CASA. McIntire had previously asked the board for help in purchasing “CASA Manager,” software to help produce the quarterly reports required for their grants.
However, the CASA Advisory Board is expecting to raise the $950 cost of the software and one year of tech support through the annual fund raiser.
McIntire also informed the board of the replacement of Michelle Petersen with Catherine Wilson as a staff member, paid to supervise office operation. Wilson was expected to work eight hours per week, not handling any individual cases.
CASA is looking at combining Kearney and Buffalo County in a move that would service both counties through an interlocal agreement, officially labeled an expansion of the Kearney County CASA for grant purposes.
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