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Commission authorizes bond issuance steps and approves financial‑advisor services; one member abstains
Summary
City staff said bond anticipation notes for the parking garage incentives are coming due; the commission approved engaging financial‑advisor services to issue bonds after discussing bidding processes, with one member abstaining due to a potential involvement conflict.
Mr. R. (staff) told the commission the bond anticipation notes issued to fund the parking garage incentive are coming due and that staff will meet to issue bonds. He recommended hiring financial‑advisor services to support issuance and underwriting options.
Commissioners asked whether the solicitation for underwriting is sent broadly to interested banks; staff said they maintain a database of banks that receive invitations to bid and noted that Regions Bank currently holds the bonds and has indicated interest in refinancing them.
A motion to approve engaging financial‑advisor services was made (motion by Mr. Miller, second by Mr. Campbell). One member announced an abstention because of a potential involvement with the bond anticipation; the motion otherwise carried by roll call (approval recorded as carried with the abstention noted in the transcript).
Next steps: staff will proceed with bond issuance steps, solicit bids from interested banks, and work with the selected financial adviser to structure the financing.
