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Hilltop Securities presents $15.4 million capital plan; says Josephine's finances are strong enough to support combined issue
Summary
Hilltop Securities presented an analysis recommending a combined ad valorem-and-utility pledge to fund a proposed $15.4 million capital program, citing a recent AA- rating and preliminary property valuations; staff and council discussed timing, debt structure, and potential legislative changes that could limit future financing options
Hilltop Securities advised the Josephine City Council on June 30 that the city's fiscal condition is strong for its size and that a combined issuance of ad valorem-backed and utility revenue debt could fund an approximately $15.4 million capital program while preserving the city's current tax rate in model scenarios.
Hilltop principal Jim Sabone summarized his firm's analysis at the work session and recommended a "double-barrel" pledge (a combination of ad valorem and utility revenues) to finance general government projects and utility improvements together. He said the city had been upgraded to an AA-minus rating and that preliminary taxable value for…
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