Council approves sale of $32 million in bonds to start street, bridge and sidewalk work

The Independence City Council voted 7-0 to authorize the sale of up to $32,000,000 in general obligation bonds as the first tranche of voter-approved bond authority for street maintenance, bridge repair and sidewalk improvements. The sale authorizes staff to competitively market and issue the bonds to investors so the city can begin projects identified in the voter-approved program.

The bond authority stems from a ballot question voters approved in April that authorized up to $55,000,000 in debt for streets, bridges and sidewalks. City staff said the $32 million is the first issuance of that voter-approved amount. "What you're voting on tonight is the first tranche of funds, 32,000,000 of the 55,000,000, approving us to go into the private marketplace, and competitively sell these bonds," the city manager told the council.

Columbia Capital financial adviser Caitlin Dwyer explained how the competitive sale works and how individuals can (or cannot) participate in the initial offering. "Because we're selling these bonds competitively, there is no direct way to ensure that any individual investor can participate in this deal," Dwyer said, noting most bonds are purchased by underwriting banks and then resold, often to institutional investors.

Deputy City Manager Lisa Reynolds outlined the initial project priorities the bond proceeds will fund. She told the council the first construction projects the funds would support are the Chrysler Avenue bridge (bundled with the Kentucky bridge over Mill Creek), both of which were actively out to bid at the time of the meeting. Reynolds said another bridge (Kentucky over Rock Creek) will proceed into design this year with replacement anticipated next year. For pavement work, staff plans to dedicate about $6,000,000 per year for overlay work targeted at streets with a pavement condition index (PCI) of 40 or below, with that overlay program running for five years. Sidewalk funding was described as roughly $1,700,000 per year, with Castle Park Elementary prioritized first among seven elementary schools identified for improvements.

Council members asked about timing. Reynolds said the city expects to put overlay work out to bid so work can begin in spring 2026 and that bridge work could begin in late 2025 if bids and required partner approvals allow. She cautioned that bridges in railroad right-of-way may move more slowly because of coordination with railroads.

The council adopted the ordinance authorizing the bond issuance on second reading by a 7-0 roll-call vote. The ordinance referenced in the meeting was identified as 25-064. No additional conditions or amendments to the bond ordinance were recorded during the session.

Discussion vs. decision: council discussion focused on project priorities, timing and public outreach; the formal action approved the ordinance to permit the competitive sale of the first $32 million tranche. Implementation next steps include publishing a notice of sale, marketing the bonds to underwriters and returning to council as required for related financing documents and project contracts.

For residents wanting to participate indirectly in bond ownership after the sale, Dwyer advised they could contact a broker or financial adviser to attempt to buy bonds on the secondary market after issuance.