The Board of Commissioners approved the sale of $48.86 million in general obligations bonds to finance the Public Safety Center at its July 19, 2022 meeting. The 30-year bonds carry a very favorable 3.78% interest rate. The county received a AAA credit rating from S&P Global Ratings due, in part, to a credit enhancement it received from the state of Minnesota.
The board asked the Minnesota Legislature to allow it seek voter approval for a countywide sales tax that would help repay the bonds. The board endorsed a .375% tax, noting that tax rate will likely bring in a bit more than it needs to repay the anticipated 30-year bond issue, letting the county to repay the debt more quickly.
While the Legislature ended its regular 2022 session without taking up the measure, it could still be part of a special session package. If the Legislature approves, the question will be placed on the November 2022 ballot.