Sac City Council approves resolution to pursue refunding loan to refinance debt

The Sac City Council on May 5 approved Resolution No. 2026-28 authorizing the city to take additional action to enter into a General Obligation Corporate Purpose and Refunding Loan Agreement intended to refinance existing city debt to obtain a lower interest rate, the City Administrator said.

The action came after a public hearing at which the City Administrator summarized the proposal, saying "the main reasoning behind refinancing was to get a better interest rate." No oral or written public comments were received during the hearing, the record shows.

Council member Larry Mahler introduced the resolution for consideration. Council member Tom Lownik moved to approve Resolution No. 2026-28; the motion was seconded by Council member Bob Murley. A roll-call vote on the resolution was recorded as follows: Ayes — Mahler, Murley, Lownik; Nays — none; Absent — Shull, Bruening. The minutes record the resolution as approved.

Earlier in the meeting, Council member Bob Murley moved (seconded by Tom Lownik) to close the public hearing; the roll call recorded ayes from Lownik, Mahler and Murley. The council then moved to adjourn on a motion by Murley, seconded by Mahler. The minutes record the adjournment roll call as "Ayes: All; Nays: None; Absent: Mahler, Murley" and an adjournment time of 5:06 p.m.; that absence listing appears inconsistent with earlier attendance and roll-call entries in the same minutes.

The resolution's title in the record is "Resolution Taking Additional Action on Proposal to Enter into General Obligation Corporate Purpose and Refunding Loan Agreement" (Resolution No. 2026-28). The minutes do not specify the loan amount, underwriting terms, or a timetable for closing; those details were not included in the public record provided at the meeting.