MONROE — The Green County Board of Supervisors learned last week that a recent sale of $12.345 million in bonds to fund county projects produced a better interest rate than its four previous bond sales.

Kristin Hanson, a director with PFM Milwaukee, oversaw the sale of the bonds for the county and told the supervisors at their meeting on Sept. 10 that Robert Baird and Company purchased the bonds at an interest rate of 2.23%, which was an improvement over the 2.65% the county received during its previous bond sale a year ago. There were three bidders for the county’s bonds. The term of the bond service is 20 years.

The county resold bonds it had opened in 2010 to pay for three major upcoming capital projects — the purchase of a chiller to install central air conditioning at Pleasant View Nursing Home, the purchase of digital radios for use in all county vehicles and installing a new roof and sprinkler system at the Green County Courthouse.

“We’re very pleased with the results of the bond sale,” Hanson said. “There is a total of $454,000 in savings over the course of the bonds compared to the previous rates.”

County board chairman Art Carter said, “it’s a good atmosphere to sell bonds.”

The county received a rating of Aa3, which reflects a growing tax base, operating reserves and a property value increase of 6%. Bonds rated this high are considered quality investments with little risk.

Hanson said the county, like almost all municipalities in Wisconsin, has a limited ability to raise revenue due to the state’s budget cap. She said that the county also has “enterprise risk” in the future to use general fund money to pay for services at Pleasant View. Most counties that operate their own nursing homes are finding that outside sources such as Medicaid do not have a reimbursement rate that pays for the actual cost of services people need.

The county board unanimously passed a resolution selling the general obligation corporate purpose bonds.