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Council hears first reading for $7.95M sewer revenue bonds and up to $9.75M GO bonds to fund infrastructure, hydroelectric work
Summary
Financial advisers presented parameters ordinances for sewer revenue and general‑obligation bonds totaling up to about $17.7 million combined; council took first reading and will consider final reading Aug. 18.
The City Council received first readings of two parameter ordinances authorizing bond sales to finance capital improvements and refund select prior debt. Bob Vail of Bernardi Securities reviewed market conditions and proposed structures that would allow the city to issue up to $7.95 million in sewer revenue bonds (Series 2025B) and up to $9.75 million in general‑obligation bonds for capital projects.
Vail described a plan to use shorter maturities for the sewer bonds (about 11 years) and a longer schedule for the GOs (about 20 years). The sewer financing would generate approximately $4 million for Environmental Services Utility (ESU) projects and, under the ordinance’s authorization, may include refinancing of the city’s 2013B sewer…
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