North Mankato City Council Minutes 2026-04-20
City Backs $27M GO Bonds With Mesirow
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Description
The North Mankato City Council concurred in issuing $27 million in Port Authority General Obligation Bonds awarded to Mesirow Financial, Inc. at a 4.11% True Interest Cost. The 25-year bonds will finance construction of a new public works facility and are backed by the City’s full faith and credit.
Contract Details
Contract Amount
$27,000,000 (bond issue; True Interest Cost 4.11%)
Vendor
MESIROW FINANCIAL INC
Agency
City of North Mankato, MN
Contract Type
FINANCIAL_SERVICES
Document Date
April 20, 2026
Contract Term
25 years, final maturity February 1, 2052; optional call date February 1, 2034
Renewal Date
2052-02-01
Renewal Info
Bonds structured with level annual debt service over 25 years; callable at the City’s option on February 1, 2034. No renewal provisions, as this is a fixed-term bond issue.
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