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Maple Grove to issue $8.6M in bonds for 2026 street reconstruction; S&P affirms AAA rating
Summary
The City Council approved Resolution No. 26-062 to provide for issuance and sale of $8.6 million in General Obligation Improvement Bonds, Series 2026A, to fund the 2026 street rehabilitation program; Standard & Poor’s affirmed the city’s AAA rating prior to the sale.
The Maple Grove City Council adopted Resolution No. 26‑062 April 20 to provide for the issuance and sale of $8,600,000 in General Obligation Improvement Bonds, Series 2026A, to fund the 2026 street reconstruction program.
Finance Director Greg Sticha told the council the city had ordered projects, received bids and awarded contracts for the 2026 street rehabilitation, and that the bond issuance was expected to be $8.6 million. The city underwent a review by Standard & Poor’s prior to the issuance, which affirmed Maple Grove’s AAA rating.
Mayor Steffenson moved adoption of the resolution; the council voted 5‑0 to adopt Resolution No. 26‑062 providing for the bonds and pledging special assessments and levy for the payment thereof. Staff will proceed with the bond issuance as authorized at the meeting.
