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Prescott approves $2.075 million promissory notes to fund roads, grant projects and a fire truck
Summary
The Prescott City Council adopted Resolution 29-26 to issue $2,075,000 in general obligation promissory notes (Series 2026A) to fund local capital projects including Orrin Road work, Campbell Street design, TAP grant engineering, and a new fire truck; the city retained an Aa3 rating and received bids with interest rates between 3.8295% and 3.9726%.
Shawn Lentz of Ehlers told the Prescott City Council that the city received five competitive bids for a $2,075,000 General Obligation Promissory Note offering Series 2026A. Lentz said Prescott’s Aa3 bond rating reflects a strong local economy and healthy fund balance; he noted smaller operating size and lower resident income levels as credit considerations. The lowest interest bid was 3.8295% and the highest 3.9726%.
Proceeds of the borrowing will finance the Orrin Road project, Campbell Street design, TAP grant engineering and design work, and the purchase of a new fire truck. Ruona/Otwell moved to approve Resolution 29-26, and the council approved the resolution by roll-call vote with all members voting yes.
Ending: The resolution authorizes the sale and delivery of Series 2026A notes, creates a debt service account, and awards the sale; funds will be allocated to the projects described in the official statement prepared by Ehlers.
