North Mankato City Council Meeting Minutes April 20, 2026
Public Works Bond Issue Awarded to Mesirow Financial
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Description
The North Mankato Port Authority awarded the $27,000,000 General Obligation Bonds, Series 2026A, to Mesirow Financial, Inc. at a true interest cost of 4.11% to finance a new public works facility and related costs. The bonds are backed by the City’s full faith and credit with a 25-year term and AA credit rating.
Contract Details
Contract Amount
$27,000,000 (bond principal)
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 an optional call date of February 1, 2034, allowing potential refunding or refinancing before final maturity on February 1, 2052.
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