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Derby council authorizes bond resolutions for water, wastewater and road projects and approves parameters to market sale

5823004 ยท September 23, 2025

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Summary

The council authorized resolutions to finance multiple city projects by bond, including the Sunset water tower painting and wastewater master-plan work, and approved parameters allowing the mayor to award the bond sale in October; one councilor recused from bond votes.

Derby City Council on Sept. 23 approved resolutions authorizing bond financing for several city projects and later approved parameters to market and award the anticipated 2025B general-obligation bond sale.

Finance Director Megan Pater told the council that the resolutions cover three city-at-large projects to be financed with a 2025 bond issuance: painting the Sunset water tower (estimated $710,000), remaining work on the Wastewater Master Plan Phase 1A (the packet updated the total project cost to $31,381,943; staff said the remaining portion to be bonded is $15,881,943) and the Macintosh Road reconstruction project (estimated $2,730,716). Pater said the Sunset water tower project has not yet been bid.

Council member Engel recused himself from discussion and votes on bond items, citing professional restrictions; his abstention was recorded. Council member Molt moved to approve the resolutions authorizing projects to be bonded; the motion passed 5-0 with 1 abstention.

Later in the meeting, the council considered a resolution authorizing marketing of the bonds and a separate temporary-note issuance to bridge in-progress projects. Staff said the sale is scheduled for Oct. 22 and that the resolution sets parameters allowing the mayor to award the sale and return results for ratification at the Oct. 28 meeting. The resolution listed allowable parameters for the two series, including caps on principal and maximum true-interest costs; staff said those parameters were based on market advice and leave room for competitive pricing at sale.

Councilor Webster moved to approve the sale-authorizing resolution; the motion passed 5-0 with 1 abstention. Pater said that, with current market movement, the city was hopeful for rates below the caps presented.

The actions pave the way to issue bonds and temporary notes that include both special-assessment and city-at-large components; staff said temporary notes will be reissued to cover projects that are not yet ready to be bonded.