Council hears annual assessments and debt plan: up to $28.1 million in notes and multiple capital issuances proposed
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Summary
Finance staff presented the city's annual assessed services levies and proposed note issuances, including a city services note not to exceed $28.1 million, sidewalk notes and a package of general obligation issuances to fund equipment, vehicles and major road projects.
The Department of Finance presented multiple ordinances July 8 related to 2024 assessed services, special assessments for street services and a package of debt-issuance proposals to fund planned capital projects.
Melanie Campbell and debt manager Jamie Tackett explained the assessed-services ordinances (street services, downtown and citywide street lighting, and street-tree maintenance) are annual levies certified to Lucas County for collection on property tax rolls in 2026. Staff also introduced the annual city services note (to fund street sweeping, alley cleaning, weed control and similar services) with a not-to-exceed amount of $28.1 million to be issued in early December; the sidewalk improvement note was listed at $1.26 million. (Melanie Campbell, Department of Finance)
Campbell then outlined $22 million in proposed general-obligation issuances for 2025 CIP projects: $1.2 million for Hoffman Road landfill equipment (dozer), $700,000 for transportation vehicles and equipment, $680,000 for public service equipment, $660,000 for fire apparatus and ambulances, and $18.7 million for major road and bridge projects through TDOT. Staff said refunding opportunities exist for 2012 and 2015 bonds; the current preliminary economic analysis suggested only modest savings for a near-term refunding. Council members asked technical questions about timing, amounts and the mechanics of assessment collection.
Why it matters: These notes and bond issuances fund maintenance and capital investments across public works, sanitation, transportation and public safety. The large city services note is part of the city
annual financing routine to bridge cash flow for assessed work.
Next steps: Finance requested first reading on the debt and assessment ordinances and will return with bond-counsel determinations and underwriter recommendations before fall issuance.
