The Grand Forks County Commission has approved the sale of $32,765,000 dollars in bonds to pay for the upcoming jail expansion and juvenile detention project.
The low bid will be repaid through seven mills on property taxes over 20 years. The county is also floating the idea of replacing the mill payment with a one-half cent sales tax if approved by voters as part of the Home Rule ask of voters next month.
Bond consultants informed the commission that Moody’s credit agency upgraded the county rating to Aa1 – one notch below the highest AAA level – resulting in eight competitive bids.
BOFA Securities had the low bid with an interest rate of 4.0235%.
Commission Chair Tom Falck says architects continue to work on the jail plans and should have site and preliminary construction costs ready in about three weeks.
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