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Glendale adopts parameters for up to $100,000 water revenue bond; public hearing set for July 16
Summary
The Town of Glendale on June 25 adopted a parameters resolution for a small 2026 water revenue bond tied to a grant with a 90/10 split (the towns 10% match was described as about $90,000). The council set a public hearing for July 16 and expects a loan closing in early August pending required notices and paperwork.
The Town of Glendale adopted a parameters resolution on June 25 authorizing the issuance of up to $100,000 in aggregate principal for its 2026 water revenue bonds, a staff member said, and set a public hearing on the project for July 16.
Kyler, a town staff member who explained the financing to the council during the special meeting, said the grant tied to the project has a 90/10 split and the towns 10% share was described in the meeting as about $90,000. "So with these, the water revenue bonds, parameters, resolution... it's kind of a smaller bond where it's under a $100,000," Kyler said, describing an interest rate near 1% and maturities not to exceed 32 years.
The resolution adopted at the meeting (given the draft number 062526-1 by members) authorizes staff to begin the public-notice process required for the grant and bond financing. Kyler said notices and mailed mailers will be sent to residents and that the town must advertise the public hearing in the paper for 14 days before the July 16 hearing to allow public comment on the project and the financing.
Staff also described the next procedural steps: after the public hearing and required advertising, the town expects the earliest possible loan closing roughly 30 days after the advertisement appears in the newspaper, placing a likely closing in the first week of August. Kyler said the town cannot request or receive CIB funds until the loan closing is complete, though staff has submitted paperwork and asked CIB staff (identified in the meeting as Candace) to consider an early reimbursement; Kyler cautioned that early reimbursement is not standard practice and was not guaranteed.
The meeting record included discussion of recent field work: the town awarded the well-drilling contract to Jason Lamb, and staff said the driller completed the field work quickly. Kyler acknowledged a paperwork misunderstanding, saying, "We could have done this a lot sooner, so that is on my bad right there," and described plans to submit a reimbursement request for work completed at the end of the month.
Council members clarified payment routing for subcontractors. Staff said contractors will be paid through the main contractor: Silver Spur was described as a subcontractor working through Jason Lamb, and staff emphasized that Silver Spur will not submit a direct payment request to the town. Kyler said Jason Lamb will act as the prime contractor and will use Kate Iverson and Kevin Moore Electric Company as subcontractors for equipment and building work; additional change orders for chlorination equipment and building improvements were anticipated.
A council member moved to adopt the bond-parameters resolution and the motion was seconded; the presiding official announced the vote passed unanimously.
What happens next: the town will send legally required notices, hold the public hearing on July 16, and — if requirements are met — pursue a loan closing in early August. Staff said they will coordinate with Bill Prater and Richard Chamberlains offices and complete the required closing paperwork before any CIB funds are disbursed or reimbursements requested.
