City Council Meeting Date: July 22, 2025
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Title
Consider Resolution Providing for the Issuance and Sale of $4,440,000 General Obligation Street Reconstruction and Equipment Bonds, Series 2025A.
Body
Action Requested:
The Northfield City Council consider approving the attached Resolution providing for the Issuance and Sale of $4,4400,000 General Obligation Street Reconstruction and Equipment Bonds, Series 2025A.
Summary Report:
The Council authorized the sale of bonds at the meeting on June 17, 2025. The bonds are scheduled to open for bids on the morning of the Council meeting on July 22, 2025. Ehlers will tabulate the bids and finalize the resolution for distribution at the Council meeting.
The sale of bonds is to finance various capital projects to include the 2025 Street Reconstruction Project, Wall Street Road and Equipment Certificates for a Fire Tanker.
The Preliminary Official Statement is included in the packet
The bond rating agency review was conducted within the past year and the AA/Stable bond rating was re-confirmed on July 15, 2025. The S&P ratings confirmation is attached.
Nick Anhut from Ehlers Associates will be at the meeting to review the results of the sale.
Alternative Options:
N/A
Financial Impacts:
The 2025A Bonds will be paid through franchise fee collection and general levy.
Tentative Timelines:
August 14, 2025 - Closing Date of Bond Sale -proceeds are received