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Forest Lake awards $4.145 million street‑reconstruction bonds; sale yields lower interest and savings
Summary
The council approved a resolution awarding the sale of general obligation bonds for 1st Street reconstruction. Municipal advisor Dan Tinter reported the sale produced stronger than expected results, reducing the final principal to $4,145,000 and yielding approximately $300,000 in savings over the life of the bonds; the city retained a AA+ rating.
The council adopted a resolution awarding the sale of general obligation bonds to fund 1st Street reconstruction, after a presentation by the city’s municipal advisor.
Dan Tinter of Ehlers and Associates told the council that the bond sale attracted eight bids and the low bid allowed the city to reduce the principal from the…
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