Fraser council authorizes Industrial Park bonds, approves park reconstruction and several contracts; raises senior-housing fees

Fraser City Council on Thursday voted to authorize the sale of up to $9 million in capital improvement bonds to finance Industrial Park roadwork and approved several related and separate contracts and capital projects, including a nearly $400,000 reconstruction of the tennis/pickleball courts at Stephens Park and a rooftop-unit replacement at the senior activity center.

The actions, taken at the council's regular April 10 meeting at Fraser City Hall, also included corrections to the city's Act 51 street map, approval of a municipal finance adviser contract, adoption of a building-services contract and a council-approved increase to senior-housing monthly charges.

Why it matters: The bond authorization and related approvals move a long-planned Industrial Park roads project closer to construction and create formal funding and administrative steps (sale, trustee accounts, disclosures) that will affect special assessments and future debt-service budgeting. The council also moved to spend locally budgeted and grant funds on parks and building maintenance projects that will be visible to residents.

Bonds for Industrial Park roads and municipal finance adviser

Bond counsel told council the resolution before members is "the second and final step before we sell bonds for the capital improvement bonds for the industrial park," and that the issuance would be limited to financing the Industrial Park improvements. The resolution authorizes issuance of a series of bonds not to exceed $9,000,000 and states the bonds will be secured by the full faith and credit of the city, with a portion—up to $4,000,000—expected to be paid from special assessments levied on properties in the special assessment district.

Council delegated authority to the city manager to award the bonds to the bidder producing the lowest true interest cost. The schedule described during the meeting targeted a sale on June 18 with a closing and delivery of proceeds in July. The resolution also authorizes an "official statement" and annual continuing-disclosure updates so investors will have ongoing financial information about the city.

Council also approved a contract with Benzinski and Company to serve as the municipal financial adviser for the bond sale. Steven Haydock of Benzinski told council, "We've been working with the city…