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Council Hears Public Questions on Proposed $30M Bond Issue; CFO Says Net Debt Will Be Neutral
Summary
At a public hearing on proposed general obligation bonds not to exceed $30 million, residents asked whether property taxes would rise; the city CFO said bonding will fund the capital improvement program and is expected to be net neutral because of scheduled debt retirements and no intention to increase the debt-service levy.
The council opened and closed a public hearing June 4 on a resolution authorizing not-to-exceed $30,000,000 in general obligation corporate bonds for the city’s fiscal year 2026 capital improvement program. Residents asked whether the bonds would increase property taxes; the city finance chief explained the state-required disclosure and why the actual levy impact is expected to be neutral.
Judith Lee (Second Ward) spoke during the hearing and asked whether the $30 million bond would be short-term (one-year) or a longer-term financing, when the last sale occurred and…
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