St. Michael bond sale to save $478,411 in interest
The St. Michael City Council accepted a bond sale refunding that will save taxpayers almost $500,000.
The council also heard a favorable report from the STMA Baseball Association.
Ehlers and Associates bond sale consultants were present at the council meeting and explained the sale was for $3.4 million, which refunds two existing bonds.
They noted that staff completed a rating call that confirmed St. Michael’s current bond rating of AA-. They commended the council for safeguarding the rating and managing the city’s finances well.
They said the interest rate on the new bond is 1.34 percent, which is one of the lowest ever seen, and would provide a savings of $478,411 during the life of the bonds.
It was clarified that the refunding does not extend the terms of the bonds, but only cuts down on the interest costs.
The council unanimously adopted a resolution accepting the proposal on the sale of $3.44 million general obligation refunding bonds.
In further matters, STMA Baseball Association President Scott Berning updated the council.
He said the association’s goal is to provide baseball to the community at all levels, and that in 2012 there were more than 1,000 ball players who participated, including St. Michael and Albertville.
Berning said the association might start its first VFW team next year.
He also presented a check for $1,000 as a donation for use of the St. Michael fields, and another check for $3,100 to pay for a portion of the infield maintenance. He also said outside teams always comment about how well St. Michael’s fields are maintained, and complimented the St. Michael public works crew for its maintenance and pride they take in their work.
Berning lastly commended Sandy Greninger of Families and Youth Community Connections for doing an excellent job scheduling the fields.
In other action, the council:
REVIEWED the storm water management ordinance. The council’s consensus was to put the corrected ordinance and a summary ordinance on the next consent agenda for approval.
HEARD that Wright County Commissioners-elect would be at the Tuesday, Dec. 18, council meeting. The council will discuss a list of priorities for the commissioners-elect at the meeting.