The Burleigh County Commission gave the official nod Wednesday to issue a $5.5 million Municipal Industrial Development Act revenue bond to finance an indoor swimming facility at Bismarck State College property. The pool is intended to be used by the public for recreational purposes.

Jaclin Wike of Cook, Wegner and Wike presented the proposal to have the MIDA bonds issued for the Streamline Foundation.

She said the bond will be sold Monday to BlackRidgeBANK.

A commitment of the interest rate will be 5.2 percent for the first five years with an adjustable rate after with a rate not to exceed 6.5 percent.

Streamline also is expected to request that $4 million more in MIDA bonds be issued in 2009 for the pool facility. The bond issuances had to be split because Burleigh County has a $10 million cap on how much in MIDA bonds it can issue per year.

County Auditor Kevin Glatt said the board only issued $5.5 million in bonds for the pool this year because bond money was needed for other county-related projects in 2008. The bonds will be repaid over 25 years.

"The citizens want and need an indoor pool," said Commissioner Marlan "Hawk" Haakenson. "This appears to be the only way they are going to get one."

He then motioned to pass the bond issuance.

Streamline Foundation is a nonprofit organization which has a 501(c)(3) status with the Internal Revenue Service.

Burleigh County's contribution for the project is to issue the bond only. It is not making a financial contribution. Streamline has met the criteria for MIDA bond financing.

Bismarck State College has provided the building site for the pool. The bonds are being secured by Streamline Foundation, which will own the facility.

The Bismarck Park District will operate the facility and hold the site lease with the North Dakota Board of Higher of Education.

Bismarck Parks and Recreation Director Steve Neu said the park district is funding the utility excavation site work at a cost of $500,000.

The park district also will be funding work for the structure's parking lot in 2009. That will cost another $400,000. However, the park district will not help pay off the bond. That is the Streamline Foundation's responsibility

Underground utility work had begun in August. Building site excavation will start within the next week.

Neu said the pool should be completed by the fall of 2009.

(Reach reporter LeAnn Eckroth at 250-8264 or leann.eckroth@;bismarcktribune.com.)