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Canton council engages David Drown Associates and opts for direct bank placement to finance streets project interim work
Summary
After a presentation by David Drown Associates, Canton’s council approved an engagement letter with DDA and adopted a resolution choosing direct bank placement for a Temporary General Obligation Utility Revenue Bond, Series 2025A, to interim-finance engineering for a streets project.
The Canton City Council on Jan. 8 heard a presentation from Mike Bubany of David Drown Associates on interim financing options for engineering services related to the city’s streets project and approved two financing actions.
Bubany outlined temporary financing options for the streets project’s engineering work. Following the presentation the council approved an engagement letter with David Drown Associates for DDA to provide financing services; the motion to approve the engagement letter was moved by Jason Magnuson and seconded by George Hafner and the motion carried.
The council also considered the method of bond sale and approved Resolution 2025-04 to proceed with a direct bank placement rather than a competitive sale for a Temporary General Obligation Utility Revenue Bond, Series 2025A. The motion was moved by Jason Magnuson, seconded by George Hafner, and carried. The minutes record that WHKS is surveying around town and working with utility companies to mark utilities ahead of the streets project, and that public works staff have begun locating water services as preparatory work.
The meeting record does not include financing terms (interest rate, bank counterparty, or principal amount) or a timetable for closing the placement; those details were not recorded in the Jan. 8 minutes.
