Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
City outlines bond sale timeline tied to new local sales tax
Summary
City staff said bond authorization would go to council in January 2026, bids would be opened Feb. 17, and proceeds expected March 19, with a planned reimbursement resolution to cover eligible expenses incurred within 60 days before proceeds are received.
City finance staff told the East Grand Forks City Council on Nov. 10 that the city plans a bond sale to finance recreation and facility work funded by the local sales tax that took effect July 1.
Mr. Hutton told the council the planned schedule calls for council consideration of bond-sale authorization Jan. 20, 2026; bond-sale bids to be opened Feb. 17, 2026; and receipt of proceeds around March 19, 2026. “We would bring to city council scheduling January 20th of 2026,” he said.
Hutton said the city’s financial adviser, Baker Tilly, is supporting the process and that market timing appears favorable. He also said staff will present an IRS reimbursement resolution in a forthcoming agenda item so project expenses incurred no more than 60 days before receipt of bond proceeds can be reimbursed from the bonds, consistent with IRS rules. That resolution would not change current design payments, which staff said can continue to be paid by sales-tax receipts in the near term.
Council members asked whether East Grand Forks would sell bonds on its own or pool with other municipalities; Hutton replied the city expects to go to market by itself with Baker Tilly advising.
