by Dennis Dalman
editor@thenewsleaders.com
The Sartell City Council has authorized a bond sale of $8,52 million to pay for a variety of ongoing city projects, including those having to do with street reconstruction, park improvements and the community center.
The general-obligation bond sale was facilitated by Ehlers & Associates Inc. of Roseville with an interest rate of 2.2 percent, thanks to the City of Sartell’s AA rating given by the financial rating agency of Standard and Poore. The AA rating for Sartell is just two notches from the highest possible financial rating.
Six entities bid on the bond, and Piper Jaffrey of Minneapolis was the low bidder and will sell the bonds. The council approved the bond sale unanimously. It has a repayment period of 10 years and will be repaid primarily with sales-tax revenue, money budgeted for the street fund each year and from assessments charged for improvements.
The bond sale will have no negative impact on the city’s 2018 budget, according to a memo given to council members.
