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Council authorizes publication of notice to issue up to $43.2M in certificates of obligation; utility refunding planned to capture interest savings
Summary
The City Council approved a financing plan that authorizes publishing notice to issue up to $43.2 million in certificates of obligation and moves forward a utility revenue bond/refunding program intended to fund water, wastewater, stormwater and other capital projects and to refinance higher‑cost utility debt.
The City Council approved a financing plan that will move the city toward issuing certificates of obligation (COs) for capital projects and advancing a proposed utility revenue bond issuance and refunding aimed at reducing debt service costs.
Key approvals and amounts
- The council adopted a resolution authorizing the publication of notice of intention to issue up to $43,200,000 in certificates of obligation as included in the FY25 capital budget. - The broader financing plan presented to council contemplates multiple transactions totaling roughly $379.8 million across taxable and tax‑exempt vehicles: $30M in general‑obligation (voter‑approved) bonds (from the 2022 authorization), $38.72M in property‑tax‑backed COs, taxable COs for solid waste, $11.12M in tax notes and a utility system revenue bond program that…
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