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Council adopts FY2027 capital plan and authorizes not-to-exceed loan notes for projects
Summary
The Clinton City Council adopted a $5.525 million FY2027 capital improvement plan and approved a series of not-to-exceed general obligation loan note authorizations — including ECP-1 ($9,425,000 not-to-exceed, schedule shows $5,370,000), GCP-2 ($795,000), GCP-3 ($600,000) and an urban renewal note (ECP/UR-4 $160,000). Council recorded roll-call approvals.
The Clinton City Council on March 10 adopted the city’s fiscal year 2027 Capital Improvement Plan, approving a CIP schedule that lists $5,525,000 under Go Bond 1 as the package the council will consider for funding. Council also moved forward multiple authorizations to issue general obligation capital loan notes as placeholders for financing the approved projects.
The plan and related proceedings were presented during a public hearing. A resident asked whether a $150,000 line item for council chambers modernization remained in the CIP; city staff said that line was removed and that the CIP as approved focuses on technology and other building updates where needed. Council proceeded to adopt the CIP by formal resolution.
Council then authorized resolutions instituting proceedings for several not-to-exceed general obligation loan notes. The largest, labeled ECP-1, was described in the proceedings as not to exceed $9,425,000; staff explained that the schedule for essential corporate purposes shows an expected actual borrowing for that program of $5,370,000. The council also moved and approved proceedings for GCP-2 (not to exceed $795,000; schedule shows $155,000 actual), GCP-3 (not-to-exceed $600,000, which staff noted would appear as $0 on the schedule in the near term), and an urban renewal note ECP/UR-4 (not to exceed $160,000).
City staff explained the “not-to-exceed” figures are placeholders used statewide to allow flexibility during later financing steps; the council was told the actual amounts will be set at later proceedings when market conditions and project scopes are finalized. Finance staff referenced an assumed planning interest rate of roughly 3.15 percent used to estimate debt service in the payback schedule; the payback plan tied to the adopted CIP carried a projected debt-service levy input of about $238,000 to support the CIP borrowing.
The resolutions instituting proceedings and the CIP adoption were approved on roll-call votes recorded in the meeting minutes.
Next steps: staff will return with final financing details and exact borrowing amounts for council approval when the city determines final project scopes and market rates.
