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Council authorizes notice for up to $15.5 million inCertificates of Obligation for new fire station; 45‑day publication begins
Summary
Midlothian City Council voted 5–2 to direct publication of a notice of intent to issue up to $15.5 million in certificates of obligation to finance construction and equipping of Fire Station No. 4; the publication begins the 45‑day statutory posting period.
Midlothian City Council on June 24 voted 5–2 to direct publication of a notice of intent to issue certificates of obligation in an amount not to exceed $15,500,000 to construct and equip Fire Station No. 4.
City financial staff and the city's bond advisor explained that the resolution starts a 45‑day public posting window required by state law before the city may issue certificates of obligation and that the notice does not itself obligate the city to borrow. The notice also explains that, if a petition signed by five percent of registered voters is filed within the required period, the certificates could be subject to a public election.
Bond adviser Jack McCleney (Samco) told council the notice sets statutory parameters for the amount and uses of the debt and provides public transparency before the city proceeds with formal sale and approval of final documents.
At the meeting a resident, Lisa Healy, opposed the step and urged council to seek non‑debt alternatives and grants, arguing the timing and size of borrowing "take us further and further away from trying to re with our taxes." She asked council to "put on the brakes" and explore other funding.
Council members in favor said the city needs to secure funding to meet service demands and that the notice is procedural only; council members opposed cited timing and affordability concerns.
Next steps: staff will post the notice for the statutory period and report back on petitions and financing options; final issuance of certificates would require later council action including final ordinance and sale documents.
