Faribault City Council Approves Nearly $7 Million in Water Revenue Bonds Amidst Strong Bidding Results
- Meeting Overview:
At the recent Faribault City Council meeting, members approved the issuance of general obligation water revenue bonds amounting to $6,980,000. The bond sale was a focal point of the meeting. The council received two competitive bids for the bonds, with the lowest bid offering an interest rate of 3.9%, which was notably lower than the pre-sale estimate of 4.17%. Tammy Omdal from Northland Securities commented on the favorable outcomes, noting the city’s strong financial standing with a double-A rating from S&P.
Additionally, the council moved forward with several infrastructure projects, awarding bids for concrete, street overlay, and utility improvements. The approved projects include the 2025 miscellaneous concrete contract, street overlay and sidewalk improvements, and municipal state aid street overlay. Each project received multiple competitive bids, with contracts awarded to local firms such as Healey Construction, Batumis Materials, and BCM Construction. The projects aim to enhance city streets, curbs, and sidewalks, with work scheduled to begin in late spring.
The council also approved an on-sale intoxicating liquor license for Los Regos Supermercado, following a review by the city attorney and police department. The license will be effective once the state of Minnesota grants approval, allowing the business to serve alcohol in accordance with local and state regulations.
In proclamations, Mayor Tom Spooner declared May as both Arbor Day and Pollinator Month, encouraging community involvement in environmental initiatives.
Thomas J. Spooner
City Council Officials:
, John Rowan, City Council Member, Peter van Sluis, City Council Member, Royal Ross, City Council Member, Mandy Barnes, City Council Member, Adama Youhn Doumbouya, City Council Member, Chuck Thiele, City Council Member
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Meeting Type:
City Council
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Committee:
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Meeting Date:
04/22/2025
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Recording Published:
04/22/2025
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Duration:
30 Minutes
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Notability Score:
Routine
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State:
Minnesota
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County:
Rice County
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Towns:
Faribault
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