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Dakota County board approves $35 million general-obligation bond sale; AAA credit affirmed amid reserve concerns
Summary
The board voted to issue and award the sale of general obligation capital improvement plan bonds, series 2025A, and adopt a post-issuance debt compliance policy after receiving a favorable sale report that reduced borrowing costs and affirmed Moody's/S&P AAA ratings while flagging reserve draws.
The Dakota County Board of Commissioners on June 25 authorized the issuance and award of general obligation capital improvement plan bonds, series 2025A, and adopted a post-issuance debt compliance policy after hearing that the sale produced lower-than-expected interest costs and a competitive market response.
Vive Lehi Vang, deputy director of finance, introduced the request for authority to award the sale and adopt the county’s post-issuance debt compliance policy. A financial advisor from Ehlers reviewed the results of a June 23 sale, reporting 12 bids and a low true interest cost from the winning underwriter, Raymond James & Associates.
“The low bid was 3.7922%,” the Ehlers representative said, noting the sale…
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