Taxable General Obligation Bond Sale Series 2026B
At a glance
Based on auto-generated captions, which may contain errors; names and numbers may be misheard.
- What: sale of the taxable general obligation bonds, Series 2026B (a little over 6 million dollars), covering items with some revenue generation or private benefit; companion to General Obligation Bond Sale Series 2026A.
- Where it stands: sale directed and approved at the 2026-10-21 special meeting, six yes.
- Next: closing and delivery of the bonds.
Bids and pricing
- Four bids from 37 banks; fewer bidders are expected because the taxable investor pool is smaller and competes with Treasuries and corporate bonds.
- Northland Securities of Minneapolis won at a true interest cost of about 5.07%; Piper Sandler was the cover bid, one basis point higher. Bids ranged from 5.07% to 5.18%.
- Suzanne Gerlach said the price was only about 12 basis points over five-year US Treasuries.
Decision
- Moved, seconded and approved, six yes.
Sources
- 2026-10-21 - City Council Special Meeting (video and auto-generated captions)
Discussion time
About 2 minutes across 1 meeting (from transcript timestamps; approximate).
| Meeting | Minutes |
|---|---|
| 2026-10-21 - City Council Special Meeting | 2 |
Log
- 2026-10-21 - City Council Special Meeting — Council directed the taxable bond sale after four bids came in at pricing described as extraordinary (about 2 minutes).
- 2026-11-02 - 2026-11-02 - City Council: $6,400,000 in Taxable General Obligation Bonds, Series 2026B, authorized on the consent agenda (7-0).