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Posted on: April 20, 2022

City issues general obligation bonds

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The City Council approved the sale of $9,995,000 in General Obligation Bonds. Proceeds from the bonds, along with City and ARPA funds, will be used to finance capital and administrative expenditures related to the 2022 Projects and to pay the costs associated with issuing the Series 2022A Bonds.

The bonds are structured to cover both $4,590,00 in street construction and $5,405,000 in utility improvements over twenty years with principal payments resulting in approximately level annual levy requirements.

The City of North St. Paul works with Baker Tilly as its independent financial advisor for the sale of the bonds. The City’s general obligation debt is currently rated “AA” by S&P.

You can review the complete pre-sale summary for the issuance of bonds here.

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