City of Olivia Agenda Packet 2026-06-01
USDA buys Olivia’s $3.94M CIP bond
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Description
Olivia City Council approved the sale of a $3,944,000 Taxable General Obligation Capital Improvement Plan Bond of 2026A to the United States Department of Agriculture’s Rural Development. The 40-year financing at 3.25% interest will refund a temporary bond used for city hall and public safety facility improvements.
Contract Details
Contract Amount
$3,944,000
Vendor
UNITED STATES OF AMERICA THE UNITED STATES DEPARTMENT OF AGRICULTURE
Agency
City of Olivia, MN
Contract Type
FINANCIAL_SERVICES
Document Date
June 1, 2026
Contract Term
Dated July 8, 2026, with 40 equal annual installments of $177,591 due each July 8 from 2027 through July 8, 2066 at 3.25% interest
Renewal Date
2066-07-08
Renewal Info
Bond matures July 8, 2066; no defeasance more than 90 days after deposit of funds while USDA is holder. Annual tax levies scheduled 2026–2065 to cover debt service.
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