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City moves forward on bond financing for Junius and Shore View projects
Summary
Fergus Falls staff recommended and the council advanced a 10-year, non-callable bond proposal to finance remaining city costs for the Junius and Shore View street projects; staff said assessments under Minnesota Statute 429 already cover a share of costs.
Fergus Falls City Council voted to advance a bond-financing plan to the consent agenda after staff recommended accepting the lowest-cost bid received for the Junius and Shore View projects.
City financial staff presented analysis of eight proposals from three banks and said the most favorable option was Gate City’s 10-year, non-callable, fixed-rate proposal at 4% interest. “The most favorable option would be … Gate City for a 10-year non-callable fixed-rate financing option with a 4% interest rate,” staff said during the council presentation.
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