The Worthington Globe reports…
After months of discussing funding options for Lismore Cooperative Telephone Company (LCTC) to cash-flow the construction of a multi-million dollar broadband project in Nobles County, commissioners on Tuesday authorized the issuance of $2.57 million in taxable general obligation tax abatement bonds.
Under state law, notification to owners of property included in the tax abatement project isn’t required. Property owners will not see any difference in their tax statements compared to those who don’t have property listed in the abatement.
Mark Loosbrock, representing LCTC, said the sale of the tax abatement bonds will “work in our cash flow very well.”
The resolution authorizing the bonds was approved on a 4-0 vote, with Commissioner Gene Metz abstaining because of his position on the board of LCTC.
The projected interest rate on the bonds is slightly less than 3 percent, said Nobles County Administrator Tom Johnson, and will be repaid over a 15-year period by LCTC.