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Mount Vernon approves engagement with Speer Financial for bond sale to fund Rachel Street/Alliant street lights
Summary
Council authorized an engagement letter with Speer Financial to prepare a proposed general obligation bond sale for the Rachel Street/Alliant Street Light Project; the fee is $5,200 plus 0.3% of securities issued in excess of $1,000,000.
The Mount Vernon City Council on Jan. 20 approved an engagement letter with Speer Financial to prepare for a proposed 2025 general obligation bond sale tied to the Rachel Street/Alliant Street Light Project.
The engagement letter specifies a fee of $5,200 plus 0.3% (three-tenths of one percent) of the municipal securities issued in excess of $1,000,000. Rose moved to approve the engagement letter; Tuerler seconded and the motion carried.
Council materials identify the engagement as preparatory work for a potential bond sale; the minutes do not record the proposed bond amount or a final decision to issue bonds. The engagement authorizes Speer Financial to prepare documentation and advise the city on the sale process. Further council action would be required to approve bonds and set terms.
