Minnesota City to Borrow Money for Repairs Including Elevators

The Winona, Minnesota, City Council recently agreed to set the sale of US$3.1 million equipment certificates — loans paid off with property taxes in the future — for November 7 with the money available on or about December 8, the Winona Post reports. The bonds would be paid off in February 2032, according to the city’s director of Finance. The certificates are also slotted in the 2023 city budget. City staff plan to use the equipment certificates for 10 items, including US$170,000 for a City Hall elevator and US$164,000 for an elevator upgrade at the library. The equipment certificates won’t significantly impact the city’s budget because another debt from 2015 will soon be paid off, according to the city manager.