City of Red Wing

Red Wing Issues $1,835,000 in General Obligation Bonds to Finance Public Infrastructure Renewal Projects

Thursday, October 27 2011 12:00 AM

On Monday, October 24, 2011 the City Council authorized the sale and award of $1,835,000 in General Obligation bonds to assist in the financing of $5,548,314 in public infrastructure renewal projects including the East 5th Street Bridge replacement project, the 2011 Street Reconstruction projects and the Fire Station roof replacement project. The financing for the projects include $3,000,000 in state bridge bonding funds and other locally sourced funds. Moody's Investor Services, citing Red Wing's strong financial operations, assigned an Aa2 rating to Red Wing's bonds which is reflective of high grade and high quality status bonds. The bonds were awarded to UMB Bank NA and carry a true interest rate of 2.04%. For further information please contact the City's Finance Department.