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Council authorizes bid solicitation for $3.18 million water revenue bond after finance presentation
Summary
After a consultants briefing on the citys five-year financial model, the Kasson City Council voted to authorize staff to solicit bids for a roughly $3.18 million water revenue bond to finance a water tower, while preserving options to use stabilization or utility cash for street projects.
Consultant Mike Rubani briefed the Kasson City Council on the citys five-year financial model and recommended financing the water tower as a utility bond, not a street bond, to secure state credit enhancement and lower borrowing costs.
Rubani described the models structure — projects entered as cash or financed, automatic inflation adjustments for multi-year projects and a menu of revenue streams (taxes, water, sewer) available to cover debt service. He said he had modeled a preliminary levy but advised the council that leaning on water revenues for the water tower could reduce the levy increase from the preliminary figure to a lower level. "I'm going to be advising to not do a street bond. Use all your cash for streets and instead do a…
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