City officials on Oct. 16 heard a plan of finance for issuing certificates of obligation and general obligation bonds to pay for wastewater projects and design work on a proposed Justice Center.

Finance Director Alberta Barrett described the two-part financing package and introduced Andre Alla of Hilltop Securities, the city's financial adviser, who explained the mechanics and schedule. Alla said the city expects to issue about $72.5 million in COs to fund utility improvements and about $5 million in GO bonds tied to public safety communications and Justice Center design, for a total program in the range of $75 million to $78.9 million when issuance costs and other items are included.

The Hilltop presentation laid out a tentative timetable: a November council meeting would include a notice of intent for the CO issuance; an ordinance would be considered at a Jan. 15 meeting; pricing and execution would be targeted for mid-January with closing in mid-February (the presentation referenced a February 11 closing as tentative). Alla said both securities would be tax‑exempt and discussed amortization periods: utility improvements over 25 years and the communications/Justice Center design over 20 years.

Council members focused questions on how the planned utility-rate increases interact with the expected debt, and whether the five‑year utility-rate plan already budgeted for future debt service. City Manager James Arc said projected future issuances were included in the multi‑year rate plan. Staff also said if the market and insurance conditions align the city could seek bond insurance to reduce interest costs.

No ordinance or sale was approved at the Oct. 16 meeting; staff and the adviser framed the item as a presentation and asked for council direction to proceed with the published schedule. Barrett said the council would see formal notices and ordinance language at future meetings if members were comfortable with the plan.