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North St. Paul awards $6.53M bond sale and approves $5.14M street-reconstruction contract
Summary
Council accepted results of a $6.53 million general-obligation bond sale at a 4.02% true interest cost, noted an S&P upgrade to AA+, and awarded the 2025 Street and Utility Improvement Project contract to RL Larson for $5,137,768.48 plus a $625,936 construction services agreement to WSB.
The North St. Paul City Council approved the sale of $6,530,000 in general obligation bonds to finance street reconstruction and utility work and awarded construction and professional-services contracts for the 2025 Street and Utility Improvement Project.
Michaela Hewitt of Baker Tilly presented the bond-sale results, saying market volatility pushed presale estimates higher but the city’s actual sale priced with a true interest cost of about 4.02 percent. Hewitt also reported that Standard & Poor’s upgraded North St. Paul’s rating to AA+, a step the city’s finance staff attributed to stronger…
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