According to the Worthington Globe…
Two weeks after Nobles County commissioners discussed a proposal that involved First State Bank Southwest — with Kinetic Leasing of Fargo, N.D., financing a $2.75 million loan to Lismore Cooperative Telephone Co. for completion of a broadband project in the county — the plans have to be tossed out.
Nobles County Administrator Tom Johnson announced during Tuesday’s board meeting that issues arose with the lease arrangement that was discussed.
“The county has to own the asset if we’re the ones borrowing or leasing,” Johnson said, noting a bank loan would not be feasible under state statute.
As a result, commissioners ultimately approved Tuesday a professional services agreement with Northland Securities, at a cost not to exceed $7,480, for guidance through the tax abatement bond process. Commissioner Gene Metz, who serves on the LCTC board, abstained from the vote.