North Hudson Village Board considers refinancing debt
The North Hudson Village Board spent much of its May 31 meeting (moved up because of the June 5 election) talking about an opportunity to refinance some existing debt, but did not take action on the matter. A decision could come in July.
Brian Reilly of Ehlers & Associates of Roseville, Minn., said the village could combine existing debt service involving bonds and the state trust fund totaling just over $2 million and save in the neighborhood of $127,000 over the next nine years. The savings would come from mostly lower interest rates. Under the terms of current loans, the village could refinance during a 90-day window beginning Oct. 1, 2012. Under the new terms, the debts would be paid off in 2021.
"I expect that we will have a resolution ready for a vote at the July meeting," said Village President George Klein.
The board also discussed to possibility of making a donation to the Coalition for the St. Croix River Crossing. Trustee Daryl Standafer, who is a member of the Coalition, said the bridge plan is moving along well, but the coalition still must prepare for potential law suits from the Sierra Club. Other municipalities have made donations, as has St. Croix County.
The board did take action and approved several licensing issues.
All were approved unanimously, although Trustee Marc Zappa abstained on votes involving businesses in which he has an interest.
In attendance at the meeting were President George Klein and trustees Stan Wekkin, Ted Head, Daryl Standafer, Marc Zappa and Colleen O'Brien-Berglund. Absent was Trustee Dan Ortner.