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Blaine council authorizes parameters for up to $9.95 million bond sale to fund utilities, pavement and equipment
Summary
The Blaine City Council on Nov. 3 approved a parameters resolution allowing the sale of up to $9.95 million in general obligation and utility revenue bonds to fund water and sewer improvements, pavement projects and capital equipment; two council members said they would vote no, citing concerns about the capital improvement plan and preferring debt reduction.
Blaine’s City Council voted Nov. 3 to authorize a parameters resolution that lets city staff move forward with a competitive sale of Series 2025A general obligation and utility revenue bonds with a maximum par amount of $9,950,000 and a maximum interest cap of 4 percent.
Finance Director Zimmerman told the council the bond proceeds would be used for utility infrastructure upgrades, pavement management projects and general capital equipment — items the capital improvement plan anticipated — and described a delegated pricing process to secure the best market terms. "This establishes a legal framework and financial boundary for the city's financial team to operate within to execute and proceed with marketing and selling the bonds," Zimmerman said. He said staff…
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