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Columbus council approves $10.71 million in borrowing for utilities and capital projects
Summary
Council approved two resolutions April 8 to issue $4.96 million in water/electric revenue bonds and $5.75 million in general obligation notes; sale results came in lower than estimates and improved debt-service projections.
The Columbus Common Council approved two debt measures April 8 totaling $10,710,000 to fund utility and capital projects.
City finance staff reported sale results earlier the same day produced more favorable interest costs than estimates. The council approved a resolution authorizing $4,960,000 in water and electric revenue bonds (Series 2026 A); the winning bidder delivered a true interest cost of about 4.0653 percent and the sale lowered projected debt-service costs versus earlier estimates.
The council also approved general obligation promissory notes (Series 2026 B) in the amount of $5,750,000 to finance city capital projects and sewer work; that sale realized a true interest cost of about 3.8136 percent. Finance staff told council the lower borrowing amounts and interest costs reduce projected debt-service compared with prior estimates.
Both resolutions were approved by roll call; staff updated the borrowing figures in the resolutions to reflect the final sale results.
