Riverside approves fourth-quarter supplemental appropriation and authorizes up to $6.1 million in bond anticipation notes

Riverside City Council adopted an ordinance to make fourth-quarter supplemental appropriations and separately approved authority to issue up to $6,100,000 in special-obligation bond anticipation notes for building improvements.

City Manager explained the supplemental contained no substantive changes from the previous meeting and that the debt-authorizing ordinance would allow the city to issue notes early next year to pay off prior-year debt and then issue bonds under the budget plan. “This is the ordinance that allows us to roll the debt for another year,” the City Manager said, adding the budgeted plan also reduces outstanding debt by about 5%.

Ordinance 25-0-873 (fourth-quarter supplemental appropriations) was opened for public hearing; no members of the public came forward and the council approved the measure by roll-call vote (Denning, Frey, Joseph, Lomach and Mayor Williams voting yes). Council then considered Ordinance 25-0-874, which the clerk read by title. After brief discussion the council unanimously approved the ordinance authorizing up to $6.1 million in bond anticipation notes; roll-call votes were recorded as yes from Denning, Joseph, Frey, Lomach and Mayor Williams.

City Manager said the debt issuance plan is contemplated in the adopted budget and that staff will return with any further documentation necessary for bond issuance. The ordinances were adopted as emergency/authorizing language in the titles read at the meeting.