Council approves $4.545 million GOPIR bond sale to finish public‑works project

Bloomington’s City Council unanimously approved an ordinance and supporting resolutions Monday to issue $4,545,000 of general obligation Permanent Improvement Revolving Fund (GOPIR) bonds to finance the final debt portion of a multi‑phase public infrastructure project. Finance staff told the council a project feasibility study and construction contracts were completed earlier in 2025 and that the final debt financing is timed to market conditions. Economy Schoeller, the city finance presenter, said the city’s three‑AAA credit ratings remain in place and that the current plan sets an approximate issuance of $4.545 million, with sale currently scheduled for Oct. 20. The debt will be repaid through property taxes and special assessments. The council voted 6–0 to adopt the ordinance authorizing issuance, adopt a resolution directing summary publication, and then adopt the sale‑authorization resolution. Bond attorneys participated by phone to answer technical questions about timing and credit calls. City staff said the full public‑improvement project exceeded $10 million in construction costs, but the debt issuance portion was in the $4.5 million range; the bonds are estimated to carry a market interest rate of a little over 3.5 percent at current estimates. Proceeds are expected to be received in November when the city closes both CIP bond matters on the same sale date.