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St. Peter council approves reimbursement-bond procedures to protect Gorman Park funding
Summary
The council adopted a resolution allowing the city to designate current Gorman Park costs as reimbursable so future debt, if issued, can legally pay project bills incurred now; funding for phase one remains incomplete and the resolution was drafted with bond counsel guidance.
The St. Peter City Council on April 28 approved a resolution establishing procedures to comply with Internal Revenue Code reimbursement-bond rules so future debt could be used to reimburse costs already incurred for Gorman Park improvements.
City staff told the council that while phase one of the Gorman Park project is underway, not all funding for that phase has been secured and…
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