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Maplewood council adopts resolution to award 2025 street improvement GO bonds after competitive sale; AA+ rating affirmed
Summary
The council adopted a resolution awarding general obligation improvement bonds for 2025 street projects following a competitive sale; Ehlers reported a sale with a low bid and Standard & Poor’s affirmed Maplewood’s AA+ rating, lowering expected interest costs. Council accepted a friendly amendment to reflect the sale amount in the resolution.
The Maplewood City Council adopted a resolution authorizing the issuance and award of general obligation improvement bonds, Series 2025A, to finance the 2025 street projects.
Finance staff reported the bonds were sold the morning of June 23; Ehlers Public Finance (Jason Arzewald) told the council the city’s AA+ rating was affirmed by Standard & Poor’s and that a competitive process produced six bids with Baird as the low bidder. Ehlers reported an adjusted true interest cost of 3.7276%, described the rating and bidding benefits and recommended awarding the sale to the low bidder and moving toward closing.
During the motion to adopt the bond resolution, Councilmember Cave offered a friendly amendment to set the dollar amount to $2,510,000 to reflect the sale-day numbers in the sale day report; council accepted the change and approved the resolution.
Council and staff thanked Ehlers for the work and noted the improved interest-cost outcome compared with earlier estimates. Staff will proceed with closing the bonds and using proceeds for the authorized street projects.
