Forest Lake Council approves street reconstruction plan and authorizes presale for $5.5 million bonds for North Shore project

The Forest Lake City Council adopted a street reconstruction plan and authorized staff to proceed with a bond presale that could provide up to $5,500,000 to fund street reconstruction that includes work on the North Shore project.

Dan Titra of Ehlers explained the statutory process for street reconstruction financing in Minnesota: publish notice, hold a public hearing, adopt a reconstruction plan, observe a 30‑day reverse referendum period (petition threshold 5% of eligible voters from the last general election) and then proceed to solicit bids and award bonds. Ehlers advised a credit rating process is typically cost‑effective because it lowers interest costs over the bond life.

Mayor Roberts opened a public hearing on the issuance of $5,500,000 general obligation bonds for street reconstruction at 7:41 p.m.; no members of the public spoke and the hearing closed at 7:42. Council then moved and passed a resolution approving the street reconstruction plan and a separate resolution providing for issuance and sale of the general obligation street reconstruction bonds, Series 2025A, in the proposed aggregate principal amount of $5,500,000.

Ehlers and staff told council they expect to return around May 12 with bid results and a recommendation to award the bonds. Council members asked about the credit rating process and were told the rating call and due diligence typically occur shortly before the sale and that a strong rating reduces long‑term interest costs for taxpayers.

Next steps: Ehlers and staff will proceed with presale steps, engage rating analysts, solicit bids and return to council with recommended award information in May.