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San Bruno council authorizes sale of up to $37 million in Measure Q bonds for street and storm projects
Summary
Council unanimously approved a resolution authorizing the competitive sale of the first series of Measure Q general obligation bonds (not to exceed $37 million), with staff estimating roughly $34.5 million for projects, a AAA rating, and the first tax impact not appearing until FY 2027–28.
San Bruno — The city council authorized the issuance and competitive sale of the first series of Measure Q general obligation bonds, clearing the way for roughly $34.5 million of project funding for street and storm‑drain improvements.
Municipal adviser Jim Fabian (Fieldman Rollup) told the council the authorization seeks a not‑to‑exceed amount of $37,000,000 and that staff expects to sell approximately $35,000,000 in the first tranche with $34,500,000 deposited into the project fund. He described eligible uses (pavement rehabilitation, pothole repair, storm‑drain projects and, if necessary, fire‑station design) and said federal and IRS rules allow three years to spend bond proceeds.
Fabian highlighted that Standard & Poor’s had assigned the city a AAA rating, which should lower borrowing costs; staff estimated total debt service across 30 years at about $63.6 million and projected the first tax levy from bond repayment would appear in fiscal year 2027–28. The bond team recommended a competitive sale on Aug. 6 and estimated issuance costs in the low hundreds of thousands of dollars.
Following the presentation Council Member Hamilton moved to adopt the resolution authorizing issuance and sale of Measure Q general obligation bonds (aggregate principal not to exceed $37,000,000); the motion passed unanimously, 5–0.
Next steps: staff will post a preliminary official statement, publish the notice of sale, hold a competitive sale on Aug. 6 and close the transaction around Aug. 20 to make bond proceeds available for projects.
