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Maplewood approves $2.68 million bond authorization and awards $8.26 million street contract
Summary
Maplewood council adopted a resolution authorizing issuance of $2.68 million in general obligation bonds to fund part of the 2025 street improvement program and awarded the 2025 Maplewood Street Improvements base contract to Park Construction Company, with surveying to be provided by Bolton & Menk, Inc.
Maplewood’s City Council on May 27 approved a resolution authorizing up to $2,680,000 in general obligation improvement bonds to help fund the 2025 street improvement program and awarded the city’s low bid for construction to Park Construction Company.
The bond authorization, presented by city staff, is intended to cover a portion of the program’s costs and will be repaid over about 15½ years. “This funding is needed for the 2025 street improvement projects,” staff said during the meeting.
Bruce Kimmel of financial advisor Ehlers summarized the presale report, telling the council that bond proceeds will supply about 26% of the program’s cost and that the city’s…
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