The Minden City Council met in a special session Monday afternoon, approving two financial measures related to major city projects — the sale of $9.935 million in sales tax revenue bonds and an amendment to the 2025-2026 city budget.
The meeting was held October 13 at City Hall. Councilman Michael Roy of District D was absent. All other members voted unanimously to approve both items.
The first item, Ordinance No. 1163, authorizes the incurring of debt and the issuance and sale of $9.935 million in Sales Tax Revenue Bonds, Series 2025. Mayor Nick Cox explained that the ordinance supports a long-planned enhancement project for the city’s recreation center.
“This item pertains to our REC’s enhancement project that we’ve been working on,” Cox said. “This is a formal part of the puzzle that we need to satisfy the issuing of bonds.”
Public Finance and Economic Development Attorney Mike Busada of Butler Snow LLP addressed the council, outlining the process of evaluating bond options. His firm compared selling the bonds on the public market versus having a single bank purchase all of them.
“Capital One will purchase all of the bonds, and they have offered an interest rate of 4.31%. That’s a very good interest rate; it shows their confidence in this project,” Busada said.
He explained that Minden’s financial health helped secure favorable terms. “One of the things that is very unique for a city this size is that you’ve got an A-grade on your water system, your sewer system is in great shape, and a good number of cities around the state cannot say the same thing,” he said. “So when we went and said, ‘We want to use this tax revenue,’ they looked at all of your system information, looked at the legislative auditor, and I think everyone was impressed with the good financial shape that you’re in.”
The bonds will be repaid from sales tax revenue over 20 years at the 4.31% interest rate. Cox noted that earlier estimates projected rates as high as 6% to 7%.
The second item, a resolution amending the city’s 2025-2026 budget, allocates funding for construction of a new two-million-gallon water tower.
“We didn’t put it in the budget at all, because we didn’t know about the timing,” Cox said.
“It was a quick meeting but the neat part about today’s meeting is we’re, once again, voting on what are probably the two most important things we’re going to do in this term, which is the REC Center enhancement and the two million gallon water tank,” Cox said in closing.
The meeting was streamed live on the City of Minden’s YouTube and Facebook pages. The Minden City Council holds its regular meeting on the first Monday of each month at 6PM in City Hall. The public is welcome to attend.