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Wyoming council authorizes $2.885 million bond sale to fund 2024 street projects
Summary
The City of Wyoming approved a resolution to pursue a negotiated sale of $2,885,000 in general obligation improvement bonds (Series 2024A) to finance 2024 street improvements; council heard a presale summary, timeline and financing terms including a 15‑year repayment and 3.89% true interest cost.
The City of Wyoming on July 16 approved a resolution to authorize a negotiated sale of $2,885,000 in general obligation improvement bonds to finance the city’s 2024 street improvement projects. City staff and municipal advisor Chris Hogan of Baker Tilly presented the presale summary and timetable.
Hogan told the council the city will hold a rating conference on July 31, accept bids on Aug. 7, and expects to receive bond proceeds on Sept. 17. She said the city currently carries an AA3 credit rating and that the bonds would be issued under Minnesota statutes chapters 475 and 429. The bonds are structured for a 15‑year repayment with an estimated true interest cost of 3.89%, optional prepayment after 10 years, and are bank‑qualified because the issue is below $10 million. Proceeds will be repaid through general tax levies with a portion covered by special assessments.
Council members asked procedural questions about how the sale will be adjusted if bids differ from the estimate. Hogan said staff and underwriters may adjust the bond size on the day of sale to reflect the bids, a standard practice that the bidders expect. Member Yeager confirmed bids are not due until August, and Hogan reassured the council that the sale parameters allow such adjustments.
Member Schilling moved to approve the resolution and the council approved it by voice vote. The resolution authorizes staff to proceed with the negotiated sale consistent with the presented timetable and terms.
The next steps: staff will participate in the July 31 rating conference, receive bids on Aug. 7, and return to council for award and consideration of final financing terms at the award meeting listed in the presale schedule.
