Politics & Government
Rosemount to Pay Off $1.01 Million in Debt Early
Repayment of the General Obligation Bonds is expect to save the city about $76,000.
The City of Rosemount is set to pay off some debt a year early, thus saving nearly $76,000 in interest.
The City Council, as part of its consent agenda for tonight’s regular meeting, is expected to approve a resolution “providing for the redemption of certain outstanding General Obligation Water Revenue Bonds.”
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According to the information package for tonight’s meeting, the city will call $1.01 million in bonds on or near Feb. 1, 2013. The Series 2005C Bonds, which were issued in November 2005, are set to mature beginning Feb. 1, 2014.
Prepaying the bonds a year early will save the city almost $76,000 in interest costs, the information package says. It also will wipe more than $1 million off the city’s balance sheet by the end of 2013.
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As is practice with the City of Rosemount, any surplus funds from debt issue calls will go toward paying off other bond debt.
Other items on tonight’s consent agenda include:
• Requesting the Minnesota Department of Transportation to do a speed study on Dodd Boulevard south of McAndrews Road. A resident requested the study because of concerns that cars are being driven at excessive speeds in that area.
• Appointing election judges for the Nov. 6 general election.
• Making routine adjustments to the current year’s general fund budget.
• Authorizing a feasibility report for the 2013-2015 street improvements project.
• Approving a rental agreement with School District 196 for use of the Rosemount Arena.
• Approving an agreement with the Rosemount Area Hockey Association for use of the ice arena’s concession stand.
Tonight’s meeting begins at 7:30 p.m. Click here to see the agenda.
PORT AUTHORITY MEETING
The city’s port authority will be prior to the council meeting, at 6 p.m. Among the items to be discussed is appointing a subcommittee to study whether to establish a business incubator in Rosemount.
Click here to see the port authority's agenda.
