Financing mentioned, emergency radio system assembly set | Information, sports activities, jobs
The Marshall County Board of Supervisors on Tuesday discussed which funding security firm they would like to work with on the emergency communications system and repairs to county buildings.
Auditor Nan Benson said the discussion would include whether or not to work with a registered security company or a local bank.
“There are four points difference in market prices” She said.
Supervisor Steve Salasek said he spoke to Marshall County Treasurer Jarret Heil about it.
Heil said if the county could choose a local bank and work out the terms. At current interest rates, it would cost about $ 36,000 to borrow the money, Heil said.
“If we can get a local bank into this area, it will be a win-win for everyone.” he said. “If our local banks are unable to be in this market, I recommend going through a registered security.”
If a registered security is chosen as the route, Heil said they would bid with the local banks and the finances could be shared among participants. For example, Heil said a bank could choose to invest $ 500,000 and the registered security would compound the funding that way. However, Heil recommends consulting a local bank first.
Supervisor Bill Patten said he thinks the county should try to work with local banks. Benson said that if a local bank wanted to raise just $ 2 million, it wouldn’t be enough to pay for the projects. However, a registered security could put that $ 2 million on top of the total and include others.
Supervisor Dave Thompson said he would really like to keep the funding on-site.
“The job you save could be your own” he said. “There’s a lot of pent-up demand for the dollars the banks are sitting on.”
Heil said the terms have yet to be determined. Thompson said pricing has yet to be set and fire district funding has yet to be set. Benson said she had only heard of possible help from three districts.
Regulators also cleared a meeting on January 19 for a $ 5.2 million general debt loan.
The money will be used to pay for the upgraded emergency communications system towers and any additional funds the county may need for repairs to the Marshall County’s courthouse.
Thompson said the fire counties remain responsible for purchasing the equipment needed to use the system. Regulators also agreed to approve a bond advice agreement with the Des Moines law firm, Ahlers & Cooney, for the general debt loan.
“They estimate their bond advisory service fee will not exceed $ 16,100, and if they incur any incidental lodging or travel fees, those fees will not exceed $ 750.” Thompson said.
Regulators first heard of the rapidly failing emergency communications system in December 2019 – emergency calls were lost or never got through, and some locations in the county have poor reception. They learned that a $ 3.6 million contract with RACOM would be the best option.
Since then, there have been numerous discussions about upgrading the radio system as regulators have tried to figure out how best to pay for the project. Marshall County fire departments will need to purchase their own radios and pagers that can be used with the upgraded system.
Contact Lana Bradstream at
Latest news and more in your inbox