Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Lake Elmo OKs $2.025 million series 2025A bonds; sale awarded to Brownstone Investment Group
Summary
Council approved Resolution 2025-054 awarding the sale of the Series 2025A general obligation improvement bonds to Brownstone Investment Group; staff reported a true interest cost of 3.32% and a Moody's affirmation of the city's AA1 rating.
The Lake Elmo City Council on July 15 approved Resolution 2025-054 awarding the sale of Series 2025A general obligation improvement bonds to Brownstone Investment Group.
Tammy Amdahl of Northland Securities, the city's financial advisor for the sale, told the council the bonds had been offered with an original par amount of $2,000,001.85. Bidders submitted seven offers, the sale produced a true interest cost of 3.32 percent, and Moody’s affirmed the city’s existing AA1 rating during the process, Amdahl said. Staff reported the underwriter bids included premium that was used to reduce the par amount to a final offering amount of $2,025,000 as presented in the revised resolution.
A council motion to approve the resolution was made and seconded and passed by voice vote with one recorded nay (vote recorded as 4–1). Council discussion referenced long-term liabilities and fixed-cost ratios as items to consider in upcoming capital-improvement planning.
The resolution directs execution and delivery of the bonds to fund street improvement projects; the sale, issuance and related financing terms were presented by the city's advisor at the meeting. The city did not recite a line-by-line roll-call vote for each council member in the public transcript.
