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Council awards $2.97M bond sale at about 3.79% to fund streets and airport project
Summary
Council awarded a general-obligation bond sale (series 2026A) to Baird at an estimated true-interest rate of about 3.79%; the bond principal was reduced to about $2.965 million and will fund two street projects and an airport fuel-tank replacement and be deliverable Aug. 20.
Rebecca Kurtz of Ehlers presented the results of the City's sale of General Obligation Bonds, Series 2026A. “We received 8 bids… we did receive that low bid from Baird, Milwaukee with the low bid of 3.79 percent,” Kurtz said. The low bid allowed the city to reduce the bond from an anticipated $3,130,000 to about $2,965,000 while fully funding the 2nd Avenue Southwest street-utility improvement, the 7th Avenue Southwest repairs and the airport fuel-tank equipment.
Kurtz told the council the bonds would mature in 2041 and be callable in 2036; funds would be delivered to the city on Aug. 20, and awarding to Baird will proceed as drafted by bond counsel. Council moved, seconded and approved Resolution 2026-42 awarding the sale and authorizing bond issuance; members also congratulated staff on the city's favorable debt rating and the lower-than-projected interest rate.
