In the first steps toward a possible solution to the controversy over the “F-Bomb.net” window signs in downtown St. Croix Falls, the owners of F-Bomb Ordnance have said they are open to considering other options for signage. Mayor Brian Blesi briefed the city council on his conversation with the owners at the council’s July 27 meeting.
“They understand the community’s concerns,” said Blesi.
Before moving to St. Croix Falls, the store had operated for years in Amery under the same name. Keeping that name, said Blesi, is important to the storeowners. But, he added, they would like to be sensitive to the community and are open to considering different layouts and schemes when it comes to signage. Still, he said, F-Bomb.net will be displayed on the windows in some fashion. Blesi had sent a letter to F-Bomb’s owners July 14, after the council decided that a conversation would likely be more productive than trying to enforce a public nuisance ordinance. An in-person meeting July 23 followed Blesi’s letter.
General obligation bond
The St. Croix Falls City Council considered a suggestion from financial advisor Sean Lentz of Ehlers & Associates to request refinancing proposals for a 2008 general obligation bond.
Lentz advised the city to close the issue in early September rather than waiting until December 1.
“My concern in waiting for the December first date is that the Fed [Federal Reserve] is starting to talk about raising interest rates,” he said
The Federal Reserve intends to begin raising rates in what it calls “policy normalization” sometime this year.
General obligation [GO] bonds are issued with the belief that a municipality will be able to repay its debt obligation through taxation or revenue from projects. No assets are used as collateral. Refinancing the GO bond would result in a savings of roughly $64,000 in interest.
The original 2008 bond totaled $2,015,000 with an interest rate of 4 percent. At this point St. Croix Falls has $1,127,000 left to pay. Refinancing to 2 percent interest rate could save the city up to $13,000 annually. Final payments would be in 2020.
The council moved to request proposals at the August 24 meeting.
The Chamber Rib Fest will be held in the field by Central Bank and Subway on Aug. 29 from 5-9 p.m. Jon Jacobson spoke to the council requesting a temporary class “B” beer license.
“There will be ribs, beer, pop, water and music.” said Jacobson. “It’s a fun way to close out the summer.”
The council approved the license.