The Cherokee County Board of Supervisors met Tuesday with Scott Stevenson of Ruan Securities who provided a financial report regarding the two Taxable General Obligation Bonds for the Cherokee County Landfill.
He informed the Board that the interest rate for the pair of Bonds would be set at 3.94 percent. He accredited the low interest to a variety of factors but one factor that did help was the credit rating of Cherokee County.
The County received an A-1 credit rating from Moody's and an A+ rating from Standard & Poor's.
On Tuesday's agenda, the Board approved two resolutions directing the acceptance of a proposal to purchase both bonds. The signing of these resolutions simply states that the Board will be borrowing the money at this time.
On June 7, the Board held a pair of public hearings and at that time authorized two General Obligation Bonds for the Landfill operation.
The first bond was for the amount not to exceed $2.8 million for the express purpose to pay costs of refinancing the outstanding 10-year bond and extend the new bond to 20 years in the hopes of lowering payments for the Cherokee County Landfill for the proposed pellet operation.
The second public hearing was to approve a second bond for the amount not to exceed $435,000 for the express purpose to pay costs of a new cell at the County Landfill to dispose of solid waste. That bond would be for eight years.
In May, the Cherokee Landfill Commission addressed the Cherokee County Board of Supervisors to see if they could roll the current 10-year General Obligation Bond taken out two years ago for the pellet plant located at the Cherokee Landfill, to a 20-year G.O.B. That G.O.B. was for the amount of $2.92 million.
The Board held a roll call vote on both resolutions to authorize Chairman Jeff Simonsen to sign the resolutions. All voted in favor of the first resolution. However, Supervisor Terry Graybill voted against the second bond resolution regarding the new cell at the Cherokee County Landfill.
Graybill stated that he voted against the second resolution because he felt that the Board had already budgeted for the new cell and that money was setting in the County's General Fund. He also stated he believes that that project did not need to be funded by a General Obligation Bond.
In other business, the Board meet with Cherokee County Community Services Director Lisa Langlitz. Langlitz brought in the final language regarding the County's General Relief burial assistance policy.
That policy states that the County of Cherokee shall provide funding for direct cremation with no services, in an amount not to exceed $1,500 for Cherokee County residents, when other resources are not available. Total County costs shall not exceed $1,500.
Cherokee County residents in need of burial assistance and who meet the income guidelines as established by Cherokee County, shall be eligible for a maximum benefit of $1,500 of burial assistance as outlined herein.
This benefit shall be a supplement to all other burial benefits up to a maximum burial cost of $1,500. Other burial benefits shall include, but not be limited to, veteran's benefits, life insurance payments, social security death benefits, and prepaid burial arrangements.
All other burial benefits must be exhausted and applied to burial costs prior to the use of the County's burial benefit.
All other financial resources available to the resident shall also be exhausted and applied to the maximum burial cost of $1,500 prior to the use of the burial benefits provided by the County.
Other resources shall include, but not be limited to, cash on hand, savings accounts, checking accounts, and money from other outside sources.
Verification of resources will be required. County funded cremations must be authorized prior to burial.
The Board approved the new language for the burial assistance policy.
Cherokee County Engineer Dave Shanahan brought bridge plans to be approved by the Board for the Diamond 10 Bridge in Diamond Township. The Board approved the plans.
Shanahan also submitted a utility permit for Iowa Lakes Electric for a underground electrical line in Section 28 and 33 of Silver Township. The Board approved the permit.
The final bit of business for the Board was the approval of an agreement with the City of Cherokee to modify precincts to comply with the 2010 Census boundaries. This agreement states that two small pieces within the County next to the City will be counted as being part of the City of Cherokee.