Depending on the cost of the work and the interest rates of the bonds that will fund the project, Sibley County plans to move forward later this year with renovations to the historic courthouse in Gaylord.
The Sibley County Board recently passed a resolution approving the sale of up to $6 million in 20-year capital improvement general obligation bonds. The bonds will be sold in June and the proceeds available in July, said Sibley County Administrator Roxy Traxler. The county expects to receive and formally consider bids for the work on the building’s mechanical, ventilation, heating and air conditioning systems in July.
Depending on the interest rate, the county’s bond council from Northland Securities Inc. anticipates the likely impact the potential sale of $6 million in bonds would add less than $1 per month ($10.78 annually) on the county’s share of property taxes on a house valued for taxation at $150,000. The anticipated property tax impact on 160 acres of agricultural land would be an additional $88 per year on the county’s share of property taxes.