Council approves resolution to proceed with remainder of judicial center bond financing

The Columbus City Council approved a resolution authorizing staff to prepare sale documents and a preliminary official statement to issue the remaining authorized bonds for the Judicial Center project under the 2021 SPLOST.

Why it matters: Voters in 2021 authorized up to $200 million in general obligation bonds for the project. The city previously issued a portion of that authorization and financed $150 million in project costs; council approved moving forward to issue the remainder so construction can be completed.

Details and fiscal context: Finance staff and Davenport & Company senior vice president Courtney Rogers briefed the council on market conditions, timing and estimated borrowing needs. Staff said updated estimates indicate the city will issue approximately $48.8 million in bonds to complete the project under a $220 million total project budget (including interest). Rogers said market interest rates have declined recently and the city anticipates a competitive sale in late September; final pricing will be presented to council after bids are received.

Council action and next steps: Council voted to approve the resolution that enables the finance team to proceed with the sale process and to continue rating-agency outreach. The sale is scheduled for late September with closing planned for early October; staff will return to council with the final sale results for formal approval.

Ending: City staff said the timing could be favorable if federal policy reduces interest rates; council members asked only clarifying questions and approved the procedural resolution.