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Public hearing set for sale of refunding bonds on Cerro Gordo County Law Enforcement Center, county could save $200,000

MASON CITY — Cities and counties across north-central Iowa have been taking advantage of lower interest rates to refinance bonds that were used for major projects.

Cerro Gordo County’s budget director Heather Mathre says the Board of Supervisors will hold a public hearing next week on refinancing bonds that were used to construct the county’s law enforcement center.   “The bonds that we issued in 2007 we are able to refund those now for a much better interest rate.”

Mathre says they are projecting that the county will be able to save around $200,000. She says they will try to work with local banks first on the refinancing.  “We are offering it to our local banks to see what kind of rates we can get before we take it to the open market.”

The public hearing on the refunding capital loan notes will be held at the supervisors meeting next Tuesday starting at 10:00 AM. 

The City of Clear Lake recently approved saving $20,000 after approving the sale of a $715,000 refunding bond tied to the McKesson economic development project issued in 2014.

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