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Council Hears FY26 Tentative Budget Update; $20.08M Bond Closing Scheduled
Summary
Finance staff told the council the city priced a $20,075,000 bond with a blended rate near 4.99% and expects to receive construction funds after closing; staff estimated first-year debt service of about $1.314 million and said final tax-rate impacts will be available after state certification.
City finance staff briefed the council on the tentative FY26 budget and a bond closing tied to the town-center project during Tuesday’s work session.
Staff reported the bond was priced at $20,075,000 with a reoffering premium of $290,000; the city will use roughly $13 million of proceeds to pay off a 2023 bond…
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