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Council approves notice of intent to issue up to $23M in tax and revenue certificates of obligation
Summary
Murphy’s council approved publication of a notice of intent to issue tax and revenue certificates of obligation not to exceed $23 million for general and utility infrastructure projects; the resolution passed with Councilmember Ken Oltman voting no.
The City Council on May 20 approved a resolution authorizing publication of a notice of intent to issue tax and revenue certificates of obligation with a not-to-exceed amount set at $23 million. The action allows the city to begin the statutory publication process required before issuing certificates of obligation for general fund and utility infrastructure projects.
City staff told council the funds would be used to support priority infrastructure improvements tied to the city’s strategic plan (connectivity, safety and similar capital needs). The packet listed a range of potential projects; council is not committing to a final project list at this stage. Staff and the city’s financial advisor advised that the utility-rate study and other revenue analyses will be considered as part of the later bond-sale and rate-setting steps.
The mayor and council discussed the procedural nature of the resolution; staff emphasized the May 20 action sets a maximum amount and satisfies the statutory notice requirement, but does not finalize an issuance amount nor authorize expenditures. The notice must be published twice as required by state law before further action.
The motion to publish the notice passed; the clerk recorded a single dissenting vote by Councilmember Ken Oltman.
