City issues $4 million in bonds

Published 10:30 am Thursday, July 1, 2010

The Albert Lea City Council on Monday awarded the sale of more than $4 million in general obligation bonds, after what was considered a successful bond sale.

Doug Green, with Springsted Inc., the company that oversaw the issuance and sale of the bonds, said Springsted took bids Monday morning. Green presented the results of the bond sale to the council that night.

He said the first bond series, which was for $3.28 million in general obligation permanent-improvement revolving fund and refunding bonds will provide funds for ongoing assessable improvement projects, including street and utilities on 777th Avenue, overlay projects, utilities on 770th Avenue and U.S. Highway 69, and the Willamor Street reconstruction. It also includes more than $600,000 that will refund the city for a prior bond series in 2001, and ultimately save the city money.

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The second bond series was for more than $1 million in general obligation water revenue refunding bonds.

Green said there was “a great reception” from the underwriting community for each bond series, noting there were six bidders for each.

He noted the city has an AA2 credit rating, which is just two notches below the top credit rating.

“For a city this size, this is a very, very strong credit rating,” Green said. “It really goes to the strong financial condition of the city.”

In other action, the City Council:

Approved an order for removal of 1021 S. Fourth Ave. which is just south of Plainview Lane.

Albert Lea Fire Chief Paul Stieler said the property was placarded as unfit for human occupancy on June 17, 2009. The Inspection Department has tried to contact the owner but has not received a response back.

Approved the annexation of a small sliver of property at 1807 Johnson St., in Lot 5 of Webber’s Subdivision. The property has been completely surrounded by the city limits for many years and prior to the Monday vote was in Albert Lea Township.

Approved an amendment to the conditional use permit at St. John’s Lutheran Home. The amendment is to allow a third garage to be built onto the existing garage, at the northeast corner near Luther Place.

Appointed election judges for the primary election on Aug. 10.

Approved the compensation for election judges and the designation of the polling places. Election judges will get $7.25 an hour; assistant chief judges will get $9 an hour and chief judges will get $10 an hour.

Polling places will be Brookside School for the 1st Ward, First Baptist Church for the 2nd Ward, United Methodist Church for the 3rd Ward, Grace Lutheran Church for the 4th Ward, City Hall for the 5th Ward and Halverson Elementary School for the 6th Ward.

Approved an administrative survey for the Albert Lea Port Authority to divide a lot at the southwest corner of the new south industrial park off of Fourteenth Street.