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Lake Elmo council authorizes $2.185 million bond sale for 2025 street program
Summary
The Lake Elmo City Council voted to approve the competitive sale of $2,185,000 in general obligation bonds to fund the 2025 street improvement project and separately authorized a municipal services agreement with Northland Securities to advise the sale.
Lake Elmo — The City Council voted to approve the competitive sale of $2,185,000 in general obligation improvement bonds to pay for the 2025 street improvement project and authorized a municipal services agreement with Northland Securities Inc.
Tammy Amdahl of Northland Public Finance told the council, “Tonight is the start of the process. This resolution calls for the sale of the bonds. The actual sale of the bonds would happen on July 15.” The sale will be evaluated on bids received July 15 and the city plans to seek a bond rating; Moody’s current rating was referenced as “Aa1.”
Why it matters: The bond proceeds will fund street projects that staff say cost less than originally estimated, allowing the city…
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