City issues $10.3 million in bonds for Road and Construction Projects
Last week, in a special regular meeting just prior to their work session, the Northfield City Council approved the issuance of $10.3 million in bonds, adding to the city’s significant amount of debt.
Northfield City Administrator Ben Martig said the bonds were issued to cover a wide range of projects and necessities. The current Water and College Streets project and the Jefferson parkway project are costing a significant amount of money. The Water and College Streets area is a complete reconstruction of the streets, while the Jefferson Parkway project includes the construction of a roundabout at Roosevelt Drive, and the installation of a section of the Mill Towns Trail, all at a total of about $6.6 million.
The city has some financial responsibility for the new Transit Hub as well. While Northfield did receive money from the state a few years ago to build the addition adjacent to the Historic Northfield Depot, construction costs have risen dramatically in the years since, and the city now is responsible for about $1 million of the project.
There are major capital equipment purchases that have been made as well. The Northfield Area Fire and Rescue Service has purchased a new water truck that is set to be delivered next spring, and Northfield is responsible for about $750,000 for that purchase.
Martig said because the city has issued debt in the last six months, they did not have to go through an extensive credit check, so the process was completed in short order. He said Standard and Poor has given the city a AA rating, which is the third highest rating, and the second highest rating for which Northfield is eligible. Martig said S&P doesn’t seem to be as worried about Northfield’s debt situation as other people are.
“They did take a look at our debt and projects plan and reaffirmed it, and they didn’t expect any changes in our rating unless something dramatically changes. So, they’ve got a stable outlook for us. These are important projects. They’re core functional purposes of city infrastructure, core equipment, but they come at a cost.”
He said because of the high rating, the city was able to secure an interest rate of 3.59%, which meant they were able to issue $9.3 million in bonds, rather than $10.3, saving the city more than $80,000 a year.
Northfield School Board Meets Tonight
With the beginning of the school year in a next week, the Northfield School Board is starting its regular schedule of board meetings and will meet tonight at 6pm. On the agenda is a presentation from Community Education Director Erin Bailey about the Northfield Community Education School, highlighting the success of the past school year and the focus for this coming year. There will also be a presentation about the new math curriculum for elementary school students. There will also be updates for the high school bond referendum. Lastly, the board will be asked to review and approve the Student Citizenship Handbook for this school year.
If you are interested in attending the school board meeting, the meetings are held in the District Office Board Room; use Door #2 located on the north side of the District Office on 2nd Street West. The meetings are also streamed live on Zoom; you can find the link to the video at Northfieldschools.org
Rice County First Responders Host Softball Tournament to Raise Money for HOPE Center.
Rice County area first responders are set to compete in a Charity Softball Tournament Wednesday evening to raise funds for the HOPE Center in Faribault. The Northfield Police Department and Northfield Area Fire & Rescue will compete in a team against Faribault Police and Fire and the Rice Count Sheriff’s Office. Monetary Donations for the HOPE Center will be accepted at the event or you can donate physical items as well, including: Grocery and Gas Cards, Pantry Stables, Laundry Detergent, Toilet Paper, Paper towels, Diapers, Baby wipes, and feminine hygiene products.
The HOPE Center provides confidential and free help to Survivors and Victims of Sexual, Domestic Violence and Stalking in Rice County. The center provides legal advocacy for survivors’ rights, community and professional education, and coordinates the Blueprint for Safety amongst Rice County Law Enforcement, the County Attornies Office, and the court system. To learn more about the HOPE Center, we will have a link on our website in today’s news update. https://hopecentermn.org/programs-services/
Game 1 of the tournament starts at 5:30pm and Game 2 starts at 7pm Wednesday, at North Alexander Park in Faribault.
Wayne Eddy in his own words, special continues this week
And KYMN will continue airing a 5 part special this week from KYMN’s founder, Wayne Eddy, when he was interviewed on his own program by Jeff Johnson in 2014, telling the story of his life and KYMN. The remaining 3 parts will air Monday through Wednesday at 9am. If you missed one of the programs, we will have the podcasts of them available Wednesday afternoon on our website.
Logan Wells is the KYMN News Director
