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City reports $86.9M in outstanding general obligation bonds, special and TIF debt; $40M infrastructure bond closing targeted by September
Summary
Interim CFO Fidelis Malenbecker outlined outstanding general obligation bonds of about $86.9 million, a $18 million special-obligation bond backed by a 1% sales tax, $6.4 million in TIF bonds, and a recently approved $40 million infrastructure bond expected to close by September.
Interim Chief Financial Officer Fidelis Malenbecker told the council the city carries about $86.9 million in outstanding general obligation bond principal with annual payments near $10.7 million. "A lot of them... refer to refunding," Malenbecker said, describing past refinancing to lower rates.
The presentation separated bond types: the special-obligation bond tied to the 1% sales tax has roughly $18 million outstanding with a $4.16 million annual payment and a maturity around 2030; tax-increment financing bonds total about $6.4 million with…
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