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Portland advances $41 million bond plan to replace aging city fleet garage; item moved to second reading
Summary
Portland City Council on Oct. 29 advanced an ordinance to issue revenue bonds of up to $41 million to finance construction and upgrades to a new city fleet maintenance facility, moving the proposal to a second reading after extended questions about financing, lease terms and maintenance funding.
Portland City Council on Oct. 29 moved forward an ordinance authorizing the issuance of revenue bonds in an amount sufficient to provide up to $41,000,000 to finance improvements to the city's fleet maintenance facilities and related costs, advancing the measure to second reading for a final vote.
The Finance Committee staff summary said the ordinance (document 2025-404) authorizes bonds pursuant to statutory bond authority and estimated a principal amount not to exceed $43,900,000 after accounting for issuance costs. Christopher Hare, council policy analyst, told council the bond proceeds would finance construction and upgrades to a maintenance garage, office and parts area, electric vehicle chargers and other project costs.
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