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Derby council ratifies sale of $18.815 million in general obligation bonds and $8.4 million in temporary notes
Summary
Derby City Council ratified the sale of general obligation bonds Series 2025‑A and temporary notes Series 2025‑1 to fund park work, building automation upgrades and design/construction of the senior center and other city building projects.
Derby City Council on April 22 ratified the previously negotiated sale of $18,815,000 in general obligation bonds (Series 2025‑A) and $8,400,000 in temporary notes (Series 2025‑1), action the mayor had already signed after competitive bids met the parameters set by the council.
The bond proceeds will finance Dukarski Park Phase 2 and building automation improvements at several city facilities, while the temporary notes will pay for senior center design and construction and design work for city hall and the police department, Deputy City Manager Dan Ronson said.
“The Geo Bond portion finances the Dukarski Park phase 2 and building automation improvements at several city facilities,” Ronson said during the meeting. He told the council that a competitive sale on April 17 produced a winning bid from Robert W. Baird & Co. for the general obligation bonds with a principal amount of $18,815,000 and a true interest cost of 3.6662 percent, below the 4.5 percent cap set by the council. Robert W. Baird & Co. also won the temporary notes for $8,400,000 with a true interest cost of 4.1361 percent, below the 4.25 percent cap stated in the authorizing resolution.
The March 25 resolution had authorized the mayor to sign and award the sale if bids fell within those parameters; Mayor Mark Statz signed the award prior to the council’s ratification vote. Council President Nick Engel moved to adopt the ordinance and associated resolutions; the motion carried 6‑0.
Council members were provided with the sale summary and the adviser and bond counsel were present at the meeting: Ben Hart (financial advisor, Baker Tilly) and Garth Irmin (bond counsel, Gilmore & Bell). Ronson said staff had been monitoring market conditions and that the final pricing met the council’s criteria.
The council’s ratification completes the legal sale and allows the city to proceed with the projects identified in the bond and note authorizations. Further project‑level approvals, contract awards or budget adjustments will appear on future council agendas as needed.
