Council adopts amended sewage works revenue bond ordinance to expand surety options

The City Council on Sept. 2 adopted an amended sewage works revenue bond ordinance, Ordinance 25-15, after a brief presentation and a voice vote. City Attorney Lynn Gray told the council the amendment changes language on page 20 to allow the city to accept “the two highest rating categories of choosing a surety as opposed to just one,” expanding the options the city may use to meet a reserve requirement. “When we have more options, generally, we can pursue things that might save us more money,” Gray said. The amendment had been introduced at prior meetings; Gray said everything else in the ordinance remains as previously presented. The mayor opened a public hearing and, with no members of the public speaking, closed it before the council voted. A council member moved to approve the amended ordinance; another council member seconded. The measure passed on a voice vote with affirmative responses from the council. The change affects how the city can satisfy a reserve-account requirement tied to sewage works revenue bonds. The council did not discuss a new financing package or bond sale at the meeting; Gray described the amendment as a technical change to broaden acceptable surety options and potentially reduce borrowing costs. No deadlines or implementation dates were announced at the meeting.