Council approves resolutions to issue general obligation and sales-tax bonds to fund street projects, equipment and aquatic center

Marshall City Council approved resolutions to issue and sell several bond series to fund street reconstruction, equipment, utility projects and the voter-approved aquatic center.

E.J. Moberg, Director of Administrative Services, said the general obligation (GO) bond series for local projects — streets (South Hill, South Minnesota, Charles Avenue), equipment certificates for an aerial truck, and utility bonds for Legion Field stormwater — are now estimated at about $850,000 par value (adjusted from a previous $1,035,000 maximum) and the aggregate GO issuance is approximately $2,805,000. Moberg also presented the proposed sales-tax revenue bonds (Series 2025B) related to the aquatic center project with a par amount of $20,100,000. That amount includes the voter-approved project fund of $18,370,000 plus a capitalized interest fund to manage timing and debt-service coverage while current revenues pay existing debt on prior projects (Red Baron and Merit Center) through 2026.

Moberg said staff would participate in a bond rating call and propose the bonds for sale, with council consideration of sale documents anticipated on April 8 and estimated receipt of proceeds about 30 days after sale (approximately May 8). The council moved and seconded the resolution and approved it by voice vote.

The bond actions begin the formal financing process; final sale terms will be set following market pricing and rating discussions and will return to council for final approval of sale documents.