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Park Rapids council adopts resolution to guarantee Series 2025A utility revenue bonds
Summary
The council unanimously approved Resolution #2025-118, Covenanting under Minnesota Statutes Section 446A.086 to guarantee payment on General Obligation Utility Revenue Bonds, Series 2025A, after an amended-title motion; the motion passed unanimously.
The Park Rapids City Council on July 8 approved an amended Resolution #2025-118 relating to the issuance of General Obligation Utility Revenue Bonds, Series 2025A, and covenanting to use Minnesota Statutes Section 446A.086 to guarantee payment of principal and interest on the bonds.
Councilmember Tim Little moved to approve the amended resolution; Councilmember Jeremy Engholm seconded. The motion carried unanimously with four councilmembers voting in favor and Mayor Pat Mikesh absent.
The resolution, as presented in the meeting, invokes Minnesota Statutes Section 446A.086 for the guarantee language; the transcript records approval but does not include bond amounts, terms, or the issuer's detailed repayment schedule. City staff or the bond counsel will retain responsibility for finalizing and executing bond documents and disclosures required under state law.
