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Brownton, Stewart refinance 2015 RS Fiber general obligation tax bonds

RS Fiber Cooperative and its Renville-Sibley County Fiber Joint Powers Agency are looking to lower its costs after being stuck in the fiber optic coop’s phase one plan since it started forming around 2008.
The RS Fiber Joint Powers Agency is financing its 2015 general obligation bonds approved by member cities. The cities, including Brownton and Stewart, approved their share of the refinancing at recent city council meetings. RS Fiber is hoping the refinancing saves it and its member cities about $1 million over the life of the bonds.
The agency has now refinanced its 2015 general obligation tax abatement bonds. Each of the 10 cities had an original interest rate of 4.47 percent in 2015, but interest rates decreased to 3.2 percent after this year’s refinancing.
The Brownton City Council voted to approve this refinancing at its Oct. 6 meeting and Stewart’s council did the same at its meeting Oct. 12. Brownton has 349 possible connections for the telecommunications company, and it’ll be paying $668,857. Stewart has 261 possible service connections and will be paying $500,332.

(For the complete story, see the Oct. 21 print edition of The Chronicle.)