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City awards sale of $2 million in general-obligation bonds at about 3.29% to finance street work
Summary
The Farmington City Council on Sept. 2 adopted a resolution awarding the sale of Series 2025A general obligation bonds to the low bidder after receiving eight competitive bids; Standard & Poor’s affirmed the city’s AA+ rating with a stable outlook.
The Farmington City Council on Sept. 2 voted unanimously to adopt an updated resolution awarding the sale of its Series 2025A general obligation bonds to the low bidder, a sale city staff said will finance 2025–2026 street reconstruction projects.
City staff introduced the item and Tammy Emdahl of Northland Securities presented the results of a competitive sale conducted that morning. “The low bid was from Piper Sandler out of Minneapolis at 3.28 and that got adjusted to 3.29 with final structure,” Emdahl said, adding that eight bids were received and all yields were under 4 percent.
The sale followed a recent rating review: Standard & Poor’s reaffirmed Farmington’s AA+ rating with…
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