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Council directs notice to publish for up to $132 million in certificates of obligation
Summary
Council unanimously approved a resolution directing publication of notice of intent to issue combination tax and revenue certificates of obligation not to exceed $132 million for city infrastructure projects.
The City Council unanimously approved a resolution Thursday directing the city to publish notice of its intent to issue combination tax and revenue certificates of obligation in an amount not to exceed $132,000,000.
City staff presented the financing step as part of a transportation and capital plan the council approved in June. City representatives described the proposed COs as a flexible financing tool to support a range of infrastructure projects, including a new fire station, roadway, sidewalk and utility improvements, parks projects and administrative facilities.
“The proposed COs in the amount not to exceed 132,000,000 will give the city flexibility to finance a range of critical infrastructure projects,” the presenting staff member said, adding that the issuance was timed to keep the city’s tax rate “roughly consistent with the rate of 0.417282 per $100 valuations approved by the council in FY24 and FY25.”
Staff outlined a tentative schedule: adoption of the notice July 17, posting to the city website July 18, and first newspaper publication July 24. The unanimous vote directed staff to publish the legally required notice and proceed with the timeline.
Council did not allocate specific amounts to individual projects during the meeting; staff emphasized the CO structure preserves flexibility to allocate funds based on project readiness and prioritization.
