City Council Meeting Date: July 22, 2025
To: Mayor and City Council
From: Ben Martig, City Administrator
Brenda Angelstad, Finance Director
Title
Consider Resolution Providing for the Issuance and Sale of $3,350,000 General Obligation Street Reconstruction Bonds, Series 2026B.
Body
Action Requested:
The Northfield City Council consider approving the attached Resolution providing for the Issuance and Sale of $3,350,000 General Obligation Street Reconstruction Bonds, Series 2026B.
Summary Report:
The proposed bond sale will provide financing for the City's 2026 Street Reconstruction Program, including the Mill & Overlay Project, Spring Street improvements, and the Fremouw Avenue Crossing project. Bond proceeds supplement other project funding sources, including franchise fee revenues, utility funds, and Mill Towns State Trail funding. These improvements are consistent with the City's adopted five-year Street Reconstruction Plan and were previously authorized following the public hearing held on January 6, 2026.
The action before the Council authorizes the competitive sale process for approximately $3.35 million in General Obligation Street Reconstruction Bonds. The Council authorized the bond sale at their meeting of June 19, 2026. The City's financial advisor, Ehlers, prepared the official offering documents (see attached Preliminary Official Statement), completed the credit rating process, and are currently marketing the bonds to qualified municipal investors through a competitive bidding process. Final bids will be received and presented to the City Council on Tuesday, July 21, 2026, at which time Council will consider awarding the bonds to the bidder offering the lowest true interest cost. The final interest rate, debt service schedule, and financing costs will not be known until competitive bids are received.
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