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Council holds first reading of $18 million bond ordinance to fund roads, safety and quality‑of‑life projects
Summary
City staff presented the first reading of Ordinance O6 to issue up to $18 million in tax‑exempt general obligation improvement bonds (series 2026), broken into bond questions for roads, public safety and quality‑of‑life projects; staff said the bonds were voter‑approved and a sale is targeted for June 24.
The council heard the first reading of Ordinance O6, which authorizes the issuance and sale of up to $18,000,000 in tax‑exempt general obligation improvement bonds (series 2026) to fund city capital projects.
Director Yara said the bonds were approved by voters at a May election and that the $18 million is divided among three bond questions: approximately $12.4 million for roads, about $4.4 million for public safety needs and facilities, and $1.2 million for quality‑of‑life facility improvements. Yara said the bonds would be payable from ad valorem property tax levies for the city and that financial advisors indicated adequate capacity to repay the debt.
City staff is targeting a bond sale on June 24 and expects 20‑year maturities (maturing in 2046). Yara noted municipal market benchmark (MMD) rates have ranged about 3.84%–4.19% this year and staff will rely on advisors to select the best sale method (competitive, negotiated or private placement).
Council took the first reading and the item was approved on first reading to move forward; no public speakers opposed the ordinance at the hearing.
