Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council authorizes $2.285M GO bond sale to fund Page Avenue and Ringhofer Drive work
Summary
Council adopted Res. No. 46-25 authorizing the competitive negotiated sale of $2,285,000 in General Obligation Improvement Bonds, Series 2025A, to fund Page Avenue and Ringhofer Drive improvements; estimated TIC ~4.17% and sale date set for June 2, 2025.
The North Mankato City Council adopted Res. No. 46-25 on April 21 to authorize the competitive negotiated sale of $2,285,000 in General Obligation Improvement Bonds, Series 2025A. Financial advisor Tammy Omdal told the Council the proceeds will fund improvements on Page Avenue and Ringhofer Drive and cover issuance costs; the estimated True Interest Cost is about 4.17 percent and the recommended sale date is June 2, 2025.
The resolution directs staff to proceed with the competitive negotiated sale and recommends requesting a rating to confirm the City's current AA rating. The Council approved the resolution unanimously. The record does not show the final TIC or the selected underwriting firm; those details will be finalized at sale.
