City Council Meeting Date: June 19, 2026
To: Mayor and City Council
From: David Bennett, P.E., Public Works Director/City Engineer
Brenda Angelstad, Finance Director
Title
Consider Resolution Providing for the Issuance and Sale of General Obligation Street Reconstruction Bonds, Series 2026B in the Proposed Aggregate Principal Amount of $3,350,000.
Body
Action Requested:
The Northfield City Council considers approving the attached Resolution Providing for the Issuance and Sale of General Obligation Street Reconstruction, Series 2026B in the Proposed Aggregate Principal Amount of $3,350,000.
Summary Report:
It is requested that the City Council approve the Resolution authorizing the sale of bonds to finance various capital projects that includes the 2026 Mill and Overlay, Spring Street and Fremouw Improvements.
Nick Anhut with Ehlers has prepared the presale information. The City Council authorized up to $4.75 Million in Bonds, however project bid on the 2026 Mill and Overlay was favorable, along with the ability to use more State Grant fund for the segment of Mill Towns State Trail along Jefferson Parkway has allow the bond size to be reduced from $4.75 Million to $3.35 Million.
Alternative Options:
None recommended.
Financial Impacts:
For more detail regarding annual debt payments, see attachments.
Tentative Timelines:
July 21, 2026 - Council Consideration of Resolution Award Sale of Bonds
August 13, 2026 - Closing Date of Bond Sale