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Council awards $3.15M general obligation bond sale, adopts ordinance declaring emergency
Summary
Council accepted low bid for $3,150,000 general obligation bonds (Series 2025), awarded to PNC Capital Markets at ~3.3186%, and adopted an ordinance authorizing issuance and declaring an emergency so the measure takes effect immediately.
The City Council awarded the sale of $3,150,000 in general obligation bonds, Series 2025, to the lowest bidder and adopted an ordinance authorizing the issuance.
Finance staff said five bids were received; the low true interest cost was reported as 3.318646% and staff recommended awarding to PNC Capital Markets. Council voted to accept the low bid and later adopted an ordinance providing for the issuance of the bonds and declaring an emergency so the ordinance would become effective immediately. Council voted 7–0 on the award and on the ordinance emergency declaration.
Why this matters: The issuance of general obligation bonds is the annual method the city uses to fund capital improvements while maintaining its tax rate. City staff said the bond issuance is consistent with prior practice of preserving the approximate 11-mill tax rate.
Outcome: Council accepted the low bid, authorized issuance of the bonds, and declared the ordinance an emergency (two separate votes). All votes carried unanimously.
