Luverne, MN - File #: 39-25

• File #: 39-25
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 12/12/2025
• In control: City Council
• On agenda: 12/16/2025
• Final action: 12/16/2025
• Title: PROPOSED RESOLUTION RELATING TO THE ISSUANCE OF GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2026A COVENANTING AND OBLIGATING THE CITY TO BE BOUND BY AND TO USE THE PROVISIONS OF MINNESOTA STATUTES, SECTION 446A.086 TO GUARANTEE THE PAYMENT OF THE PRINCIPAL AND INTEREST ON THE BONDS

Date	Ver.	Action By	Action	Result
12/16/2025	1	City Council	adopted	Pass

Title

PROPOSED RESOLUTION RELATING TO THE ISSUANCE OF GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2026A COVENANTING AND OBLIGATING THE CITY TO BE BOUND BY AND TO USE THE PROVISIONS OF MINNESOTA STATUTES, SECTION 446A.086 TO GUARANTEE THE PAYMENT OF THE PRINCIPAL AND INTEREST ON THE BONDS

Body

This resolution approves general obligation utility revenues bonds not to exceed $2.5 million in General Obligation Utility Revenue Bonds (Series 2026A). The bond proceeds will be used to fund the City’s share of the MnDOT Highway 75 reconstruction project, specifically replacing water and sewer lines, engineering, and issuance costs.

The Council also approves participation in the Minnesota Public Facilities Authority (PFA) Credit Enhancement Program. It approves the related Agreement and Application, authorizes their execution, and commits the City to the requirements of Minnesota Statutes § 446A.086, which guarantees bond principal and interest payments. The Mayor or Finance Director is authorized to handle all required PFA forms and submit the $500 application fee.