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North Mankato approves up to $4.285M in improvement bonds; low bid yields $4.085M sale at 3.8%
Summary
Council approved Res. No. 60-25 authorizing up to $4,285,000 in General Obligation Improvement Bonds, Series 2025A. Financial advisor Tammy Omdal reported the city's AA rating was affirmed; R. W. Baird submitted the low bid at 3.8% and the resulting sale was reported at $4,085,000.
The council adopted Res. No. 60-25 to authorize the issuance and sale of General Obligation Improvement Bonds, Series 2025A, authorizing up to $4,285,000 to be pledged against special assessments and levies for payment. Tammy Omdal, North Mankato's financial advisor from Northland Securities, told the council the City’s AA bond rating was affirmed during the rating review and that seven bids were received.
Omdal reported that R. W. Baird submitted the low bid at 3.8 percent and "the resulting sale was for $4,085,000." Finance Director Ryan and City Administrator McCann said the rating review included the five-year Capital Improvement Plan and a multi-decade levy forecast. The council voted to adopt the resolution unanimously.
