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Council refers 2025 capital leases and bond anticipation note ordinances to finance committee
Summary
Council referred several ordinances authorizing bond anticipation notes (BANS) and requests to obtain municipal capital leases to the Finance Committee for review, including proposed notes totaling multiple millions for streets, parks, facilities, water and sewer projects and a municipal capital lease request up to $3.61 million.
Lakewood City Council on Jan. 21, 2025 referred a package of financing ordinances and equipment-lease requests to the Finance Committee for additional review.
Finance Director Mahoney presented ordinances and communications asking council to authorize quotes and approvals for municipal capital leases in an amount not to exceed $3,610,000 to finance a list of equipment (ambulance, forestry bucket truck, police vehicles, refuse trucks, sewer cleaning truck, plow and dump trucks, etc.). Mahoney also presented ordinances to issue bond anticipation notes (BANS) in amounts tied to the city’s 2025 capital improvement plan. The ordinances included maximum note amounts for resurfacing and street improvements, facility renovations (city hall, winter ice arena, fire station 3, public works garage), water system projects, sidewalks, parks improvements and sewer projects. Total maximums discussed included a $26,375,000 ceiling for 2025 capital projects and a $6,300,000 refunding note for prior-year projects still under construction.
Council members asked to schedule Finance Committee review with bond counsel and outside experts present to discuss interest-rate strategy and borrowing needs. Vice President Baker and Councilman Bullock specifically requested clarity about whether the staff would issue to the maximums or borrow less, and asked for fleet and replacement schedules for the proposed leased equipment. Council discussed timing and tentatively identified Jan. 27 or Feb. 10 as available committee dates; staff agreed to propose dates and secure availability of outside advisors.
Council collectively referred the ordinances and lease authorization requests to the Finance Committee under regular procedure; no bonds or leases were approved on Jan. 21.
