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Council authorizes sale of $6.85 million in bonds to fund 2025 capital projects
Summary
Council approved resolution 25-66 to provide for sale of $6,850,000 in general obligation bonds (series 2025A) to fund 2025 capital projects, including street reconstruction and water projects; staff noted the city’s Moody’s AA1 rating.
Coon Rapids City Council authorized the sale of $6,850,000 in general obligation bonds, series 2025A, to fund capital projects the council included in the 2025 budget. Council adopted resolution 25‑66 by unanimous voice vote, and set the sale date for June 3, 2025.
Staff presented a breakdown of the proposed issuance: $3,760,000 in improvement bonds to fund the 2025 street reconstruction project (to be repaid over 10 years from special assessments and a dedicated levy) and $3,090,000 in water revenue bonds to fund utility portions of the street project and other water projects including the Highway 10 utility relocation, well rehabilitation and part of the public works roof project. The issuance also covers bond issuance costs.
Council member Novak urged support for the sale, noting the city’s Moody’s credit rating of AA1 and describing it as a strong rating for a city of Coon Rapids’ size; staff added context that AA1 is close to the top tier for municipal credits and that a triple‑A rating is typically out of reach for most cities of comparable size.
The council voted to authorize the bond sale and proceed with the financing timetable. Staff will finalize sale documents and proceed with the scheduled June 3 sale in coordination with the city’s financial advisors.
