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SE City Council OKs sale of $8.8 million in bonds

SLEEPY EYE — The Sleepy Eye City Council unanimously approved the sale of $8.83 million in general obligation bonds for the 2020-2021 Street & Utility and the 12th Avenue/St. Mary’s Street projects in a special meeting Wednesday.

Councilor Nate Stevermer’s motion was seconded by councilor Larry Braun. There was one bond issue for both projects.

Each project will be amortized on its own schedule. The street/utility project is a 20-year schedule, the 12th Avenue/St. Mary’s Street project is a 30-year schedule.

The true interest cost of bonds is 2.13%, which is very favorable, Sleepy Eye City Manager Bob Elston said. “Nearly the bottom of the interest curve over the last year 20 years,” Elston said.

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