Lyon Co. OKs $2.01 million in ditch bonds

MARSHALL — Lyon County commissioners approved the sale of over $2 million in bonds to finance improvements to five different county ditch systems. Representatives of Northland Securities presented the results of the bond sale to commissioners at Tuesday’s county board meeting.

On Feb. 5, a total of $2.01 million in general obligation ditch bonds were sold, with a true interest cost of 3.49%, Northland Securities representatives said. The 3.49% true interest cost was lower than the 3.63% presented in a December finance plan. Northland Securities representatives also said Lyon County’s AA credit rating was affirmed in the bond sale.

The bonds would finance improvements to County Ditch 69, County Ditch 11, Judicial Ditch 2, County Ditch 4 and Joint Ditch 15. Northland Securities said the ditch bonds were structured to give relatively level annual debt service payments over different amounts of time for each ditch.

Debt service payments were structured over five years for County Ditch 69, and over three years for County Ditch 11, Judicial Ditch 2 and County Ditch 4. Payments were structured over 15 years for both Lyon County and Redwood County’s portions of Joint Ditch 15.

Most of the $2.01 million in ditch bonds would be used to finance improvements on Joint Ditch 15, including $1.365 million for the Lyon County portion of the ditch, and $405,000 for the Redwood County portion of the ditch. The bond amount also included $105,000 for improvements on County Ditch 69, $75,000 for improvements on Judicial Ditch 2, $40,000 for improvements on County Ditch 11, and $20,000 for improvements on County Ditch 4.

Commissioners voted to approve the sale of the ditch bonds.


Today's breaking news and more in your inbox

Today's breaking news and more in your inbox
Are you a paying subscriber to the newspaper? *

Starting at $4.38/week.

Subscribe Today