Finance staff reported that Sunnyvale received roughly $36,000,000 in bond proceeds on Oct. 15 and described the initial allocation and debt plan going forward.

The finance director said the bond proceeds were issued at a discount, reducing repayable principal to about $33,800,000. "So we got $36,000,000 and we're going to have to pay back $33,800,000 in principal," the director told council. Staff presented a breakdown of planned allocations, with the largest share directed to utilities and smaller portions to road relocations, park projects and the town's public safety and municipal facilities program.

Staff acknowledged an oversight in the notice of intent language that omitted town hall as a listed use; the bond attorney will issue a letter explaining the correction options. Council asked whether the $3 million that was part of the bond language could be reserved and reapplied to land acquisition when wording is corrected; staff said they would confirm with bond counsel.

Council also reviewed a five-year debt projection and a plan that anticipates issuing more debt in future years to match capital spending needs without increasing the town's tax rate, provided the debt is structured as proposed and supported by utility/TERS/4B revenue streams.