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Roswell moves forward with second tranche of general-obligation bonds; city estimates small millage impact
Summary
Council approved a resolution to begin issuing the second tranche of previously voter-approved general-obligation bonds to fund parks, public safety and other capital projects; staff estimated an approximate 0.3 mill increase in debt service and projected an average homeowner impact around $69 in 2026.
The Roswell City Council on Monday approved a resolution to begin the sale process for the second tranche of general-obligation bonds authorized by voters in November 2022.
Chief Financial Officer Bill Godshall told the council the city plans to issue debt tied to two voter-approved bond questions to fund parks and recreation ($65.2 million) and public safety ($28.2 million). Godshall said the city would seek to sell bonds at a premium, which can provide additional cash to fund projects beyond the legal authorization amount; the sale mechanism and timing will be guided by bond counsel and the city's financial adviser.
Key timeline items presented by staff: post a notice of sale and preliminary offering statement on June 13; return to council with a final resolution authorizing the sale on June 23; and close the bond sale no later than July 15, 2025. Godshall said market rates had moved but the city was planning with an assumed all-in interest rate near 4.5 percent. Using the current digest estimate, staff said the extra debt service would add about 0.3 mills; on an example median home value of $575,000 that debt-service millage would equate to about $69 in 2026.
Godshall summarized spending under the first tranche: $53.1 million for parks and recreation and $13.1 million for public safety, with some reallocation to take advantage of opportunistic public-safety acquisitions; he said $21 million of parks work and $17 million in public-safety work were either under contract or completed, and remaining authorization totals were available for the second tranche issuance.
Council Member Christine Hall moved adoption of the resolution to begin the offering process; Council Member David Johnson seconded. The council recorded the vote as approved (recording shows the vote as 5-0 in the meeting transcript). Staff said final terms, including interest rates and any premium, will be returned to council at the June 23 meeting for approval of the actual sale.
