The Metropolitan Council voted Thursday to authorize the issuance and sale of tax-exempt general obligation bonds to finance preservation and capital projects for wastewater, parks and transit.

Councilmember Johnson told members the council will offer three bond series under resolutions 2025-37, 2025-38 and 2025-39 that collectively set sale windows, maximum amounts and ceiling interest rates. Resolution 2025-37 authorizes up to $344,300,000 in a 20-year general obligation wastewater revenue bond with a maximum interest rate of 5.25 percent and an expected market rate of about 3.75 percent. Resolution 2025-38 authorizes up to $9,200,000 for a five-year parks bond (maximum 4.5 percent; expected ~3 percent). Resolution 2025-39 authorizes up to $80,800,000 in 10-year general obligation transit bonds with a maximum interest rate of 4.75 percent and an expected rate near 3.25 percent.

Johnson said the wastewater bond package includes roughly $47.2 million to refund outstanding 2015 wastewater bonds, producing estimated interest-cost savings in future years. He added that wastewater bonds will be repaid with wastewater system revenues, while parks and transit bonds will be repaid by levy.

The resolutions put limits on sale dates, maximum amounts and acceptable interest rates so bonds cannot be sold outside those parameters. Council members approved all three resolutions by voice vote.

What’s next: staff will prepare the competitive sale and award the bonds within the financial parameters set by the council; Johnson said sales are expected in January and March 2026 for some series.