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St. Peter council authorizes parameters to sell up to $9.025 million in bonds for new municipal facility
Summary
The St. Peter City Council approved a parameters resolution authorizing up to $9.025 million in Series 2025A tax‑exempt certificates and a small taxable Series 2025B (maximum $325,000) to finance the municipal facility; the council authorized city officials to execute a bond purchase agreement under the set parameters.
The St. Peter City Council on Sept. 8 approved parameters to sell municipal certificates of participation to finance a new municipal facility, authorizing a tax‑exempt Series 2025A of up to $9,025,000 and a taxable Series 2025B with a maximum principal of $325,000.
Shannon Sweeney of David Drow & Associates told the council the sale will use an annual appropriation pledge rather than the city’s full faith and credit, meaning the council will annually appropriate funds for lease payments rather than pledging a general obligation levy. "We're ready to go to market to sell bonds," Sweeney said, and she…
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