Council approves two bond sales totaling $6.11 million

The Bloomington City Council on Oct. 20 unanimously adopted two resolutions awarding the sale of municipal bonds to fund capital projects.

The council approved a taxable general obligation capital improvement plan bond issue, series 2025D, in the original principal amount of $3,210,000 to repay a city facility fund used to acquire land for a public works fleet garage. The low bid for the issue was from Robert W. Baird at roughly $3.21 million with a true interest cost of 4.66 percent, city staff told the council. The city plans to use property tax revenues to pay the debt service.

The council also approved a tax‑exempt general obligation permanent improvement revolving (PIR) fund bond issue of $2,900,000 (2025 series 57). Staff said proceeds will support the city’s pavement management and reconstruction program; the bonds carry an estimated interest cost of about 2.8 percent and will be paid from property taxes and special assessments.

Both measures passed on voice votes with the council recording a 4–0 tally in each case. No council member requested amendment or separate roll-call vote during the motions.

City staff told the council that Bloomington retains three AAA credit ratings and that the favorable ratings and market timing helped secure stronger terms than recent weeks’ market levels. The city’s municipal advisor and bond counsel were available online during the presentation and the financing team participated in rating calls with Fitch, Moody’s and S&P, staff said.

Staff noted the bonds were bid earlier the same day and that final transaction documents would be executed and delivered in coming days under the council’s adopted motion.

Votes at a glance - Taxable GO Capital Improvement Plan Bonds, Series 2025D — Original aggregate principal: $3,210,000. Motion to award adopted 4–0. Purposes: repay facility fund for land acquisition for public works fleet garage; debt service paid by property tax. - General Obligation Permanent Improvement Revolving Fund Bonds of 2025, Series 57 — Original aggregate principal: $2,900,000. Motion to adopt resolution authorizing sale adopted 4–0. Purposes: pavement management/reconstruction; debt service paid by property tax and special assessments.

The council’s action authorizes staff to complete the sale, execution and delivery of the bonds under the terms approved in the resolutions.