Napoleon approves bond counsel agreement and advances bond ordinance to buy pumper truck

The Napoleon City Council on Monday approved a contract with Squire Patton Boggs for bond counsel services and advanced ordinance 021-25, authorizing the issuance of bonds of up to $650,000 to purchase a pumper fire truck.

The agreement with Squire Patton Boggs, for an amount not to exceed $13,500, was approved by roll-call vote after Finance Director Kevin requested the council authorize the firm so it would meet a requirement in the bond ordinance. Council then introduced ordinance 021-25 to put the borrowing in place and moved it to second reading.

Council members discussed funding details during the meeting. City staff said the city earlier considered applying an additional $100,000 from Fund 242, which is split between the city and participating townships on an 80/20 basis; staff clarified that, after the split, the city’s share would be about $575,000 rather than $550,000. The $650,000 borrowing cap is intended to cover the truck purchase and associated financing and closing costs.

City staff said the purchase agreement from Herb Fire Equipment allows roughly 30 to 45 days after signing before payment is required, and that once the financing is finalized the city expects to close within about 30 to 45 days. Staff said the city would seek a roughly 10-year term and would use the approved bond counsel and financial advisors to solicit market proposals and select the best offer.

The council approved the Squire Patton Boggs contract and voted to move ordinance 021-25 to second reading by recorded voice/roll-call votes.

Council did not finalize the bond issuance; the ordinance will return for additional readings and final action per the council’s normal procedure.