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Minnetrista approves $13.0M bond sale after day-of-sale report
Summary
Council accepted a day-of-sale report from Ehlers and Associates showing an AA+ rating and a low bid at 3.7%, then approved a resolution awarding the General Obligation Bond Series 2026A in a final amount adjusted by premiums to about $13.0 million.
Council members reviewed a day-of-sale report from financial advisor Todd Hagen of Ehlers and Associates and then approved a resolution awarding the sale of General Obligation Bond Series 2026A.
Hagen told the council the city received eight bids on the issue; TD Financial Products submitted the low bid with a reoffering yield that equated to a 3.7% rate on the competitive maturities. Standard & Poor’s assigned the issue a double-A-plus rating with a stable outlook, and Hagen explained how premiums reduced the city’s net borrowing need. "So we decreased your bond issue by 1,025,000," he said, reporting a net issue roughly equal to $13,000,008.15 in the day-of-sale calculations.
The council moved and seconded a resolution to award the sale, fix the form and direct execution and delivery of the bonds. The resolution passed on a voice vote and was recorded as three-zero in favor.
Finance director Brian Grama confirmed the closing is scheduled for May 7 and that proceeds will be invested per city policy until disbursement for projects. Council discussion emphasized the city’s healthy reserves and the importance of continuing disciplined financial management to preserve the rating.
