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St. Paul sells 2025 general obligation bonds after strong credit ratings; city cites low interest costs
Summary
The City Council authorized the sale of 2025 general obligation bonds for various purposes and for street reconstruction after competitive bids produced low true-interest costs and staff cited recent S&P and Fitch stable outlooks for the city.
The St. Paul City Council approved two resolutions authorizing the issuance and sale of general obligation bonds to fund various city purposes and street reconstruction.
Veil Youngens, debt and investment manager in the Office of Financial Services, reported that the city’s competitive sale for the 2025A general obligation various purpose bonds drew 11 bids; UMB Bank submitted the winning bid with a true interest cost of 3.27% for a 10-year term. For the 2025B street reconstruction bonds the city received 13 bids and Robert W. Baird & Company submitted the winning bid with a true interest cost of 3.92% for a 20-year term.
Youngens told the council the sales follow recent credit reports assigning the city a stable outlook from S&P and Fitch; staff packets included the rating reports. Counsel and council members praised the finance team for strong management that the rating agencies cited—resilient reserves, careful capital planning and demonstrated willingness to raise revenues when needed.
The council adopted the bond resolutions on unanimous votes. Members moved the two resolutions together and approved the sales and levies as presented.
Staff indicated final sale details and the completed sale documents are included in the meeting packet and will be reflected in the finalized resolutions.
