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Riverside council adopts up to $6.1 million bond anticipation notes for building improvements
Summary
Riverside City Council adopted Ordinance 25-0874 to authorize up to $6,100,000 in building improvement special obligation bond anticipation notes (series 2025/2026), pledging revenues and declaring an emergency. A public hearing was held with no public comment and the vote was unanimous.
Riverside City Council voted unanimously to adopt Ordinance 25-0874, authorizing the city to issue up to $6,100,000 in building improvement special obligation bond anticipation notes, series 2025/2026, in anticipation of a later bond issuance and pledging revenues for repayment.
City Manager Cliff Duford told the council this is the annual note issuance for RightPoint and that the item is included in next year’s budget. Mayor Williams opened a public hearing on the ordinance; no members of the public spoke and the mayor closed the hearing. The clerk then called the roll and every voting member recorded an affirmative vote; the mayor declared the motion carried.
The ordinance authorizes the city to issue notes to meet cash-flow or interim financing needs for building improvements and declares an emergency to expedite implementation. No speakers raised legal or financing objections during the hearing, and the city manager said there were no changes from the first reading.
The council action completes the second reading and adoption process for Ordinance 25-0874. The manager indicated the issuance is part of the FY2026 budget plan; the council did not set additional conditions during the meeting.
