City manager says treasurer misstated bond refinance and banking discussions; staff will explore account options

City Manager Alexander Nguyen issued two public clarifications at the start of the Nov. 3, 2025 City Council meeting, alleging City Treasurer Phil Molina misstated what had been presented about a recent bond refinancing and misrepresented staff activity to a Bank of America account manager.

Nguyen said his first clarification concerns statements Molina sent in an email that claimed the city’s chief financial officer did not say whether refinancing had extended the payoff date for outstanding bonds. Nguyen said Finance and Governance Committee materials and the discussion before the full council both showed the refinancing did not extend the bonds’ final maturity and that the new and existing bonds were scheduled to end at the same time.

Nguyen said his second clarification relates to an early-October exchange between Molina and the city’s Bank…