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Hibbing council approves $19.77 million interim bond sale to fund public safety facility
Summary
Hibbing City Council voted Oct. 22 to award an interim bond sale of about $19.77 million to Baird, following a competitive sale. Ehlers reported a true interest cost of about 3.1449%, S&P affirmed the city’s AA rating and closing is scheduled for Nov. 5.
The Hibbing City Council on Oct. 22 approved awarding an interim bond sale worth about $19.77 million to Baird to provide interim financing for a new public safety facility, with closing scheduled for Nov. 5. Ehlers told the council the transaction is structured as short-term, interest-only bonds intended to be refinanced within one to three years.
Nick Anhut of Ehlers said the city received four competitive…
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