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Detroit Lakes Council approves roughly $16.06M electric revenue bond at 4.26% to fund generation and substation expansion
Summary
After a presentation from Baker Tilly, the council voted to award the sale of the city's electric revenue bond series 2025B to the lowest bidder, citing competitive bids and strong credit ratings; proceeds will fund a new generation and substation expansion project.
Detroit Lakes — The city council on a unanimous vote approved the sale of its electric revenue bond series 2025B to the lowest bidder to finance construction of a new generation facility and a substation expansion.
Michaela Hwitt, a consultant with Baker Tilly, told council members the city received nine bids and the lowest true interest cost was about 4.26%, about 40 basis points below the earlier rate estimates. "The final bid award today was a 4.26% true interest cost,"…
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