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Deephaven approves $3.805 million bond sale to fund 2026 street project
Summary
The City Council voted 5–0 to approve issuance and sale of $3,805,000 in General Obligation Tax Abatement Bonds, Series 2026A, to finance the 2026 street improvement project; TD Financial Products LLC submitted the low bid at 3.1244%.
The Deephaven City Council voted 5–0 on May 4 to approve the issuance and sale of $3,805,000 in General Obligation Tax Abatement Bonds, Series 2026A, to finance the city’s 2026 street improvement project.
Jason Aarsvold of Ehlers presented the bond sale results to the Council, reporting nine bids and naming TD Financial Products LLC as the low bidder with a rate of 3.1244 percent. Councilmember Emily Scherschligt moved to approve the bond sale; Councilmember Tony Jewett seconded the motion, which passed unanimously.
Council members said they wanted to ensure the city secured a competitive rate for financing the street work. The bond proceeds are designated for the 2026 street project; the Council did not modify the principal amount during the meeting.
The resolution approving the bond issuance was adopted at the May 4 meeting and will allow staff to proceed with closing the financing and implementing the planned street improvements.
