by Logan Gruber
operations@thenewsleaders.com
During its June 22 meeting, the Sauk Rapids City Council awarded $1.68 million in general-obligation improvement bonds to BMO Capitol Markets.
Rebecca Kurtz of the independent financial advisory company of Ehlers, based in Roseville, came to the meeting to present Ehlers’ recommendation for awarding of the bonds.
Kurtz said the city still has a AA rating, which is very good and reflective of the hard work the council and staff have done.
Ehlers received multiple bids. The city was hoping to receive an interest rate of 2 percent. BMO bid the bonds at 1.73 percent, which would save the city money overall.
The funds will be available to the city from BMO July 21. The city plans to use the funds for street improvements in 2015.
