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Moorhead council approves parameters for up to $27 million in bonds to renovate City Hall
Summary
The Moorhead City Council approved a parameters resolution allowing the Moorhead EDA to issue lease revenue bonds (Series 2026A) to fund City Hall renovations; the plan sets a not-to-exceed borrowing amount of $27 million, a true interest cost cap of 5.5% and a 20-year repayment structure.
The Moorhead City Council on Jan. 26 approved a parameters resolution authorizing the Moorhead Economic Development Authority to issue lease revenue bonds to fund renovations to the city’s existing City Hall.
Chris Hogan of Baker Tilly told the council the EDA plans to issue $25,465,000 in lease revenue bonds (Series 2026A) under a lease-sublease structure, with the city entering a lease to make annual…
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