The City of North St. Paul received a AA bond rating from Standard and Poors from their recent credit review. Analysts from Baker Tilly praised the City for its good financial management in several areas. Their bond report makes special mention of the City's reserve policy and responsible use of the American Rescue Plan funds. Terry Heaton, from Baker Tilly, gave high praise to the City Finance staff's performance on the recent bond call stating that the City "had a very solid team on the call who was able to confidently answer all of the questions."
With lower interest rates currently available, Finance staff reached out to Baker Tilly to review the City's outstanding debt obligations and identify any refunding opportunities. These funds will be used to refund the Series 2014A Bonds. This refunding transaction results in cash flow savings of approximately $274,612 and a net present value benefit to the City of approximately $136,470. The calling of the Bonds will allow the City to issue additional bonds in 2022 without increasing the City's debt service levy.