North Sioux City company gets S.D. panel’s backing for another $4.5 million of bonds

Capitol News Bureau

PIERRE, S.D. (KELO) — Just months after receiving state government’s support on a $4.5 million bond issue, to help pay for an expansion project, FIMCO Industries came back Thursday for another $4.5 million, after deciding against raising the money through other means.

The South Dakota Value Added Finance Authority members voted 6-0. The authority’s purpose is to help underwrite farms, ranches and agricultural-related businesses.

FIMCO, based in North Sioux City, describes itself as the largest manufacturer of lawn and garden sprayers in the nation.

No one representing the company participated in the teleconference, which lasted no more than 10 minutes from start to adjournment. No one spoke as a supporter or an opponent at a public hearing.

Chairman Bob Hull of Sisseton said it was the shortest meeting he could recall.

The authority was transferred to the Governor’s Office of Economic Development last year during the first month of the new Noem administration.

The authority previously operated as an arm of the state Department of Agriculture.

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