(KNOX) -Bond financing by the City of Grand Forks has been approved by the Committee of the Whole. The money from the bonds will be used to finance various infrastructure improvement projects for which the City of Grand Forks has established various special improvement districts. Those districts include street paving, storm sewer utility improvements, and sidewalk improvements.
City Finance Director Maureen Storstad told the committee that the bids will be reviewed by a third party vendor that the city utilizes.
“We will have the bids received by Bakertilly that serves as our municipal advisor. They will report those results to you on November 18,” Storstad said.
Bakertilly Municipal Advisors currently provides continuing disclosure compliance services to the City of Grand Forks. Bakertilly will work with city staff to include the bonds in the existing Agreement for Municipal Advisor Services.
Storstad said this year’s cost of the bonds is more than $6 million dollars.
“Each year, this time of year you see me come forward to prepare a bond for this year’s special assessment projects. This year it’s estimated at $6.6 million,” Storstad said.
The bonds have been structured around the projected assessment income to provide for a relatively even annual surplus of revenues over estimated debt service. Principal repayments begin in 2026 with 25 annual payments of principal.