Finance staff reports $65 million savings center bond priced well; council discusses line of credit and budget schedule

City finance staff told the City Council that two debt issuances were placed in the market: a $65 million issue for a savings center and a second issuance covering a set of Elevate projects including Odom Park, Springbrook Park and Bowers Park pickleball facilities. Staff said the issues priced well and together are about $16,000 under the anticipated Elevate debt-service budget. Staff said they expected to sign and close the issuances by the end of the month and described upcoming tranches for water and sewer that may follow in a few weeks depending on market conditions. Finance staff recommended preparing a line of credit to cover project sequencing and early engineering costs while waiting for bond proceeds; staff described prior practice of using a line of credit to finance engineering and property acquisition before reimbursing via bond issues. The council and staff discussed the timetable for the general fund budget and water and sewer budgets: staff gave an internal deadline of Aug. 1 for finance to finalize numbers for printing and stated they expect to begin public discussion of water and sewer in the first week of August, with the general fund discussion to follow. Staff also flagged an upcoming presentation on storm drains (referred to as "Noah's Ark 2") scheduled for the 20th that may affect budget timing and staff workload. No formal votes were taken on bond strategy or a line of credit in the excerpted discussion; staff said they would return with specific recommendations.