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Council approves bond and temporary note actions after favorable bids; staff to execute sale documents

Valley Center City Council · May 6, 2026
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Summary

After staff reported competitive bids that were lower than preliminary estimates, the council approved award motions and related resolutions/ordinances to move forward with temporary note and bond financings; staff will execute bid forms and proceed with the sale and delivery.

Staff reported the city took bids the morning of May 5 and received a single winning temporary note bid from Robert W. Baird at 3.49% (estimated $552,000 reduction in debt service versus prior 4.5% estimates) and a winning long‑term bond bid from Baker Group at 3.66% (about $744,000 reduction versus a 5% estimate). The bids were presented by Clayton Kelly of Piper Sandler; staff said the bond bids were competitive and five banks submitted offers within 15 basis points of each other for the 15‑year financing.

Council moved to accept the bids, authorized the mayor and clerk to execute the bid forms selling the bonds to the best bidder, approved a resolution authorizing issuance, sale and delivery of temporary notes (roll call), and approved related ordinance and resolution items. The motions carried and staff are authorized to execute documents to complete the financing transactions.

Council discussed procedural items related to roll call votes and the ordinance first‑reading waiver before completing the measures. Staff noted the bond financing will replace earlier temporary note financing undertaken in 2022 and that the sales free up funds to begin construction on special assessment benefit district projects and TIF improvements.