New Ulm council declares intent to reimburse capital costs with 2026 revolving fund bonds; BOAE meeting scheduled

The New Ulm City Council on Feb. 17 adopted a resolution declaring the city’s official intent to reimburse qualifying capital expenditures with proceeds of tax‑exempt general obligation permanent improvement revolving fund bonds, series 2026. The measure allows the city to incur project costs now and reimburse those costs from bond proceeds when bonds are sold later in the year.

A city representative told the council that adopting the resolution is the first step in the 2026 bond process and that bonds are expected to be sold in August, allowing the city to start projects and pay costs as they arise and later reimburse those costs from bond proceeds. "It just allows us to start those projects and pay costs as they come along and then reimburse ourselves out of the bonds that will be sold in August," the staff member said.

Separately, the council received notice that the 2026 Board of Appeal and Equalization meeting has been scheduled for Monday, April 20, 2026 at 9 a.m. in City Hall Council Chambers at 100 North Broadway, New Ulm, Minnesota. The council moved and approved receiving that notice.

What happens next: Bond sale planning and required procedural steps will continue; staff will follow procurement, disclosure and reimbursement procedures consistent with municipal finance rules and will return any required bond authorizing documents and sale details to council prior to sale.

Provenance: staff comments and adopted resolution recorded in the Feb. 17 meeting (bond resolution: SEG 206–SEG 231; BOAE notice: SEG 193–SEG 199).