Two Harbors Council sets bond sale
The Two Harbors City Council passed a resolution authorizing the issuance, sale and delivering of $2.09 million in general obligation bonds to pay for the 2018 streets and alleys improvement project.
The bids on the bonds came in at 3-4 percent lower than expected. Todd Hagen, a municipal adviser from Ehlers & Associates, presented the council June 25 with information about the bond bidding process. Hagen attributed the lower bids to the city's bond rating. The city of Two Harbors hasn't had a bond rating in the past and received a AA-minus rating, a high grade rating.
"You're over the hump from A to AA," Hagen said. "Probably less than 20 percent of Minnesota cities are over that AA hump, so you’re in good company. It’s pretty good for the size of your city."
The bonds were awarded to the lowest bidder from Northland Securities Inc., a Twin Cities-based company.
Counselors voted unanimously for the resolution; Mayor Chris Swanson was absent. The sale closing is set for July 17.