SE City Council begins bond refinancing
City hopes to save $593k
SLEEPY EYE — The Sleepy Eye City Council approved a resolution to issue up to $6,500,000 in Series 2020A General Obligation refunding bonds Tuesday.
The city hopes to save $593,085.77 on City and Sleepy Eye Medical Center debt.
Action came on a motion by Councilor Gary Windschitl, seconded by Councilor Doug Pelzel.
“This is the first step in the bonding process. The bonds issued in 2012 with 3 and 3.5% interest rates would be refinanced at about a 2% rate, saving you at least $500,000, perhaps almost $600,000 including refinancing costs in today’s market. We’ll price bonds on March 17,” said George Eilertson of Minneapolis based Northland Securities.
The city council also unanimously approved:
* Adopting the MnWARN Mutual Aid Agreement to allow water, wastewater and storm-water utilities to assist each other in case of an emergency, motion by Councilor Joann Schmidt, seconded by Councilor Larry Braun.
“It’s a non-binding agreement about who we could help and who could help us in a disaster if we chose,” said City Manager Bob Elston.
* A permit for TNT Eats of Mankato to sell barbecue brisket, pulled pork and ribs at Sleepy Eye Brewing Co. beginning at 5 p.m., Saturday, Feb. 29, motion by Councilor Pelzel, seconded by Councilor Nate Stevermer.
“It’s the federal law. If the federal law changes back to 18, we remain at 21,” said City Attorney Alissa Fischer.
* A $985,587 state grant for the 12th Avenue East/St. Mary’s project, motion by Councilor Schmidt, seconded by Councilor Windschitl.
* Tabled an online reservation system purchase for camping sites, ballpark use, Water Park passes and other uses for lack of a second after a motion by Councilor Schmidt. She will ask for more product references. Councilor Stevermer said he’d like more price quotes. The system would cost $12,000 the first year and $6,000 a year after that.
Councilor Schmidt said Perfect Minds was the only company that responded to her queries. Alissa Fischer said she will work on contract with the British Columbia, Canada firm that uses Canadian laws.
* City Engineer Dave Palm said bids for the 12th Avenue/St. Mary’s Project will be opened at 2 p.m., Feb. 25 in the Brown County Administrator’s Office. Palm said the 2020 Street & Utility Project has been advertised.
Fritz Busch can be emailed at email@example.com.