Grand Forks City Council Approves Issuing Refunding Improvement Bonds

(KNOX) – Grand Forks City Council approved issuing refunding improvement bonds that will finance various improvement projects in the city.

City Finance Director Maureen Storstad says that the bonds will go to projects like paving, sidewalks and storm sewers.

“We are looking at issuing roughly $6.6 million bond for special assessments projects,” Storstad said.

The bonds are being issued pursuant to the North Dakota Century Code and the City of Grand Forks Home Rule Charter.

During the process of issuing the bonds, the city received some good news from a rating agency.

“We did hold a rating call with Moody’s rating agency. We did maintain that very positive AA2 rating. Which is always a good sign, “Storstad said.

The firm Baker Tilly is a financial advisor to the City of Grand Forks. Steve Scharff is with the firm, and says that the city got some bright reports.

“Moody’s also did mention steady economic and tax base growth supported by the institutional presence of the air force base and the university. Which are highlights worth mentioning as well,” said Scharff.