The City of Fargo today announced the issuance of approximately $36,170,000 Refunding Improvement Bonds, the proceeds of which will be used for to finance 17 projects. These projects include the development of new and reconstruction of existing infrastructure within the various improvement districts of the City. Interested investors will have the opportunity to purchase the bonds, which are expected to be issued on July 17.
The new bonds, which carry an “Aa1” rating by Moody’s Investors Service, will have maturities from 2020 to 2044 and will be sold in increments of $5,000. Interest on the bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for federal alternative minimum tax purposes. In addition, interest on the bonds is excluded from taxable income for North Dakota income tax purposes.
“We are really excited to give Fargo and North Dakota residents the opportunity to both support and invest in our community” said Mayor Dr. Tim Mahoney. “The bonds will help fund many projects to improve our City for our residents and visitors.”
Baird and Dougherty are serving as underwriters for the offering. Individuals who are interested in purchasing the bonds can do so by contacting a financial advisor at Baird at 952.249.7610 or Dougherty at 888.356.9315.
Learn more about the City's bond offering at the following links: