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Council hears lease–leaseback plan to finance $7.1M landfill stormwater project
Summary
City staff and outside advisers outlined a lease–leaseback borrowing plan to generate roughly $7.1 million to reimburse the water fund and fund stormwater mitigation at the city landfill; staff said solid-waste revenues alone are unlikely to support a revenue bond and asked council for direction to refine terms and return with a rate‑study spreadsheet.
City staff presented a proposal on Jan. 20 for a lease–leaseback financing to produce about $7.1 million in net proceeds for a landfill stormwater mitigation project, saying the solid‑waste fund does not generate enough net revenue to support a standalone revenue bond. Bob Cross, management services manager, introduced the plan and said staff evaluated internal loans and found no viable option that would avoid “irreparable strain” on existing funds.
Scott Ferguson of Jones Hall, bond counsel, told the council the lease–leaseback structure is a common tool used by local agencies to finance long‑term capital…
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