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Published June 08, 2012, 12:23 PM

North Hudson Village Board considers refinancing debt

The North Hudson Village Board spent much of its May 31 meeting talking about an opportunity to refinance some existing debt, but did not take action on the matter. A decision could come in July.

By: Doug Stohlberg, Hudson Star-Observer

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.

Bridge

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.

Other items

  • Accepted a check for $405 from Focus on Energy for completion of an energy efficient or renewable energy project.

  • Announced that there would be no lifeguards on duty at Brown’s Beach this year.

    Action items

    The board did take action and approved several licensing issues.

  • Class A alcohol: Village Liquor Store.

  • Class A, beer only: Freedom Valu Center.

  • Class B alcohol: The Village Inn, Mallalieu Inn, Starr’s Bar, Kozy Korner, Mama Maria’s, Season’s Tavern and Mudd’s & Sudd’s.

  • Tobacco: The Village Inn, Mallalieu Inn, Starr’s Bar, Village Liquor Store and Freedom Valu Center.

  • Coin operated amusement: Mallalieu Inn, Starr’s Bar, The Village Inn, Seasons Tavern, Mudd’s & Sudd’s and Kozy Korner.

    All were approved unanimously, although Trustee Marc Zappa abstained on votes involving businesses in which he has an interest.

  • Approved a fireworks sales permit application from Marc Zappa; he again abstained from the vote.

  • Approved extended premises (with numerous conditions) for the serving of alcohol at Kozy Korner for a private party on June 23.

  • Approved a Department of Natural Resources review of compliance maintenance annual report.

  • Approved non-recurring claims for May totaling $23,807.35.

  • Approved a bid of $8,200 from Mike Fredrickson Painting for the interior painting of the village hall.

    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.

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