City financial advisors and the city's underwriters reported the results of three sales to the City Council on Aug. 12: a tax-exempt bond series 2025A, a taxable bond series 2025B, and a series of general obligation temporary notes for capital projects.

Caitlin Dwyer of Columbia Capital Management said the tax-exempt Series 2025A was $26,865,000 and drew seven bidders; the winning bid from Robert W. Baird carried an interest rate of 4.19% for a 20-year term. Dwyer described the auction as "a great result, for the sale today." Josh McEnearney, Budget and Finance director, and staff said the proceeds will fund projects in the adopted 2025 capital-improvement plan, including major parking-structure work, TPAC HVAC upgrades, traffic signal projects and facility maintenance roll-ups.

The taxable Series 2025B was $9,140,000; Dwyer said two banks bid for the taxable issue, which sold to Robert W. Baird at 5.22% (the second-place bid was 5.227%). City staff said proceeds pay for previously issued special-assessment obligations and Hotel Topeka capital costs.

The city also sold $9,280,000 aggregate principal of general-obligation temporary notes (Improvement Notes Series 2025A) to cover near-term needs including a fleet building and a wastewater digester; BNY Mellon offered a competitive yield of 2.77%, staff reported. Josh McEnearney said the fleet note is temporary pending $3.2 million expected from federal relocation assistance and that the digester is being temporarily financed pending FEMA reimbursement.

Council votes followed separate ordinances and resolutions. The ordinance authorizing Series 2025A passed 9-1, with Councilwoman Hiller voting no. The parallel resolution adopting the sale details also passed with the same margin. The Series 2025B ordinance and accompanying resolution passed 8-2 (Councilmembers Valdivia Acala and Banks joined Hiller in dissent on some items; the transcript shows Valdivia and Banks voted no on Series 2025B-related votes). The temporary notes resolution passed unanimously.

Several council members raised procedural questions during the discussion. Councilwoman Hiller said she would likely vote against the package because the agenda did not itemize the specific projects being financed and because the city was asking for 20-year terms on assets—such as mill-and-overlay street work and heavy fleet pieces—that staff expects to last nearer to 10 years. "Bonding them for 20 years, I'm very uncomfortable with," Hiller said, adding concerns about long-term stacking of debt service. Other members said the projects were included in the adopted CIP and that detailed project lists are available in the budget book and in materials provided to bidders.

City staff and the city's financial advisor told council members the project list used for the bond offering is drawn from the adopted 2025 CIP and that an itemized list used for offering documents can be shared with council members. The governing body approved the sales after debate; council members asked staff to provide clearer itemization in future bond packets.

Votes: ordinance and resolution for Series 2025A passed 9-1 (Hiller no); Series 2025B ordinance and resolution carried 8-2; Improvement notes Series 2025A passed unanimously.