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Belleview authorizes bond refunding and sale preparations to realize taxpayer savings
Summary
Council authorized staff to proceed with preparing up to $90 million in limited-tax general-obligation bonds (including refunding roughly $53.14M in 2015 bonds) and delegated authority to set final terms; staff estimated preliminary savings and will return with sale details after a negotiated-sale process and credit-rating steps.
Belleview’s council authorized an ordinance on April 21, 2026 to prepare for issuance of limited-tax general-obligation bonds not to exceed $90 million, combining a refunding of 2015 bonds and new-money proceeds for property acquisition and issuance costs.
Finance Director John Risha and staff described the refunding opportunity: the refunding portion totals about $53.14 million in outstanding 2015 bonds, and preliminary analysis projected lifecycle savings of roughly $1.7 million (final numbers depend on market conditions at sale). The city plans a negotiated sale and is conducting a competitive selection of an underwriter and arranging a credit-rating call with S&P.
The council unanimously authorized staff to proceed with the plan, delegating authority to approve the method and final terms following the rating and underwriting processes. Staff expects a bond closing in late May and will return with the final bond ordinance that specifies interest rates, final par amounts and net savings.
