St. Paul Park sets sale of $428,000 G.O. bond
In order to finance new city equipment, the St. Paul Park City Council has agreed to put up for sale $428,00 in general obligation bonds.
During a recent council meeting, George Eilertson, financial advisor for Northland Securities, detailed the financing plan, which will allow the city to purchase a new mower, police squad car, and heating, ventilation and air conditioning system, among other minor equipment.
State statute allows the city up to a 10-year payback term, Eilertson said, but opting for a shorter, 3-year payback term was more in line with the smaller bonding amount.
Eilertson said he plans to assemble a bond term sheet and submit the sale to local banks in south Washington County.
The city is expected to approve an agreement and sell the bonds at its first City Council meeting in November.