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Commission authorizes up to $5 million in bond anticipation notes for capital cashflow
Summary
Commission approved Resolution 2024‑35 to authorize an RFP for bond anticipation notes up to $5,000,000 to provide temporary working capital for capital projects and manage reimbursement timing from grant and state sources.
Finance staff and project managers explained the commission the city frequently needs short‑term liquidity as capital projects progress and reimbursements lag. Resolution 2024‑35 authorizes staff to issue an RFP for bond anticipation notes (BANs) of up to $5 million that can be used flexibly across projects rather than being tied to a single project.
Staff outlined scenarios — such as SRF project reimbursements or creek wall improvements where state or federal reimbursement timing can delay cashflow — in which BANs could be used to bridge those timing gaps. The resolution lets the city engage a local bank to provide these notes as needed; staff said they will watch debt levels to remain within constitutional limits.
Commissioners had no further questions and approved the resolution by voice vote.
