N E W S R E L E A S E
December 10, 2010
Donald Dicklich, County Auditor
St. Louis County Courthouse
Duluth, MN (218) 726-2380
FOR IMMEDIATE RELEASE:
St. Louis County Closes on Multi-Million Dollar Bond Sale
Improvements slated for Historic Virginia Courthouse
This week, St. Louis County closed on a $7,135,000 general obligation capital improvement bond sale approved by the County Board last month for two high priority investments:
· Courthouse Improvements – Renovations and improvements to the 100 year old Virginia courthouse including energy upgrades, window replacement, heating and cooling improvements, and construction of an addition for law enforcement and probation services.
· Law Enforcement and Administration Building Improvements – Public safety communication system improvements and upgrades at various law enforcement and administration building locations throughout the county.
During the bond sale process, St. Louis County received the Aa2 rating from Moody’s, which is one of the highest ratings possible. County Auditor Donald Dicklich noted, “In its rating of Aa2, Moody’s noted that St. Louis County had exhibited excellent management of its financial operations and expressed confidence in the county’s position, in spite of continuing state deficits and funding declines.”This high bond rating resulted in favorable bids at a rate of 2.4%. The bond purchaser was Robert W. Baird & Co., Inc. of Milwaukee, Wisconsin.
Sixth District County Commissioner Keith Nelson, who represents the Virginia area, thanked his fellow county board members for their commitment and support to upgrade the Virginia Courthouse with improvements that will extend the life of the landmark facility for many years to come. Planning and architectural work for the Virginia Courthouse renovations has already begun and construction will begin in early 2011. Work will be completed within the year. The communication system infrastructure will be purchased and installed within the year as well.
The work to be done is part of the county’s 2010-2014 Capital Improvement Plan, which is updated annually and serves as its long-term planning document. These investments demonstrate a continued best practices management of county facilities, to ensure they are safe, secure and efficient.
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