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Council approves $2.2 million bond sale to finance 4th Street NE improvements
Summary
The Little Falls City Council adopted Resolution 2025-66 to award a $2,205,000 bond sale (Series 2025A) for Project 399 (4th Street NE). Presenter Jason Murray said the winning bid came at roughly 3.6277%, producing estimated interest savings over the life of the bonds; the resolution passed by roll call.
The Little Falls City Council voted to adopt Resolution 2025-66, awarding a $2,205,000 competitive negotiated sale of general obligation permanent improvement revolving fund bonds (Series 2025A) to United Bankers Bank to fund project 399 (4th Street Northeast).
Jason Murray presented the financing package to the council and said the low bid was about 3.6277 percent. "With the bids today ... the winning bid was 3.62 — about a half a percent — and that adds up quite a bit," Murray said, estimating roughly $150,000 in interest savings over the life of the bonds compared with earlier assumptions. He described the issue as a standard municipal bond structure with a call date of Feb. 1, 2033; average annual payments are about $190,000 and repayment will be pledged to special assessments and the tax levy.
Council members asked procedural and fiscal questions; staff confirmed the bonds are arranged to coordinate special-assessment certification and that registering the bonds with the county will allow the city to close the financing. The council approved the resolution by roll call.
The resolution authorizes staff to proceed with the bond closing and to register the bonds with the county. No legal challenge, amendment, or contingency was recorded in the council discussion; next steps are the administrative closing and registration of the bonds.
