Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Allegan council approves bond pivot and multiple Milbacher contracts for downtown and neighborhood infrastructure
Summary
After staff reported lower‑than‑expected S&P ratings, the council approved switching to a negotiated bond sale and adopted amended resolution language. Council awarded downtown and Rossman/Rosslyn infrastructure contracts to Millbacher & Sons and approved related purchase orders and contingencies, including a $6.34M ceiling for the Rosslyn contract with the required 10% contingency.
City staff told the council updated Standard & Poor's ratings prompted a change in strategy for upcoming borrowing. "We came back with a triple‑B for our water system and a triple‑B plus for our sewer system," staff said, and recommended moving from a competitive to a negotiated bond sale to improve pricing and allow more discussion with potential purchasers about the city's rate plans and the concentration risk from a large customer (Perrigo).
Co…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
