Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bonds And Finance topic
No spam. Unsubscribe anytime.
City summarizes 2022 and 2024 bond project progress; underwriters advise short sale delay
Summary
City staff reported bond proceeds deployment and project status: the '22 bonds (about $71 million) are moving to market, with roughly $30 million tied to the police building; the '24 bonds fund dozens of projects (about 46) with many in design or construction. Underwriters advised delaying a separate public-safety bond sale by a few weeks.
A city staff presenter briefed the committee on the status of bond-funded projects from the 2022 and 2024 bond measures and said the city's underwriters advised a short delay on a public-safety bond sale to wait for calmer market conditions.
On the 2022 bonds, staff said proceeds totaled "a little over $71,000,000," of which roughly $26–27 million is reserved for the police building; about $30,000,000 of the proceeds have been spent or obligated. For the 2024 bonds, staff said the sale funded approximately 46 separate projects; staff reported that three of those projects were actively under construction and the city expects 15–20 construction contracts to be awarded this year. Examples given of projects underway or soon to be awarded included roof repair at the Barnwell, repair work on an elevated tank at the port (equipment ordered) and funding for a spray ground at Bilberry.
Separately, the committee received a message from underwriters (present in the meeting as Mike) that the market was volatile and recommended waiting about two weeks before selling a 2021/public-safety bond issue; staff said that would push closing into early May and the tentative close date mentioned was May 5. Staff also said a dashboard showing bond-project status and contacts is being developed for public access and internal use.
