North St. Paul authorizes sale of $6.74 million street‑reconstruction and utility bonds

North St. Paul City Council on March 4 voted to authorize the sale of general obligation street reconstruction and utility bonds, series 2025A, with a par amount of $6,740,000. The sale is scheduled for April 15 and the bonds are structured for a 20‑year term.

Michaela Hote of Baker Tilly presented the pre‑sale summary and schedule. The financing will support multiple purposes: street reconstruction (supported by the general levy) and utility work for water, sanitary sewer and storm sewer (supported by respective utility revenues). The packet included a prior public hearing on the street reconstruction plan; staff noted a 30‑day reverse‑referendum period applies to the street reconstruction plan.

Hote said the city’s current S&P rating is AA and that a rating call with S&P was scheduled for March 26. The pre‑sale estimate for interest was about 4.18 percent, roughly 30 basis points above prevailing rates at the time of the meeting; the city will monitor rates as it approaches the April 15 competitive sale. Council and staff discussed the bonds’ call provisions; staff said the bonds typically include a 10‑year call, which is the earliest point the city could refinance or call the bonds.

Councilmember Woods moved to approve authorization for the bond sale; Councilmember McKenzie seconded. The motion passed by voice vote of members present. The council will receive and award competitive bids at the April 15 meeting following the sale.