Lakeville council approves $36.145 million GO bond sale after competitive bids

The Lakeville City Council on April 20 authorized the sale of $36,145,000 in general‑obligation bonds (series 2026 A) after staff reported favorable market results and competitive bidding.

The finance director briefed the council on the results: the city recognized roughly $2 million of premium at sale, allowing a reduction from the initial sizing. A Northland financial‑advisor representative reported 13 bids were received and that the low bid came from Huntington Securities; the sale yields a final maturity on Feb. 1, 2047 and an optional call date beginning Feb. 1, 2034.

Council materials identified projects funded by the bonds as street and collector rehabilitation for 2026, improvements to Fire Station No. 2, and utility improvements. The financing plan uses 20‑year structuring for the fire‑station CIP portion and 10‑year structures for street and utility portions; security sources for the bonds include ad valorem taxes plus net revenues of the water and sewer utilities, with the city intending to pay the fire CIP debt service with franchise fees and cancel corresponding levies.

A council member moved to approve the resolution authorizing issuance and sale; the council approved the resolution by roll call. Staff said closing is scheduled for May 14 and that a final transcript and documentation will be prepared after closing.