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Newport council authorizes $1.335 million general obligation bond sale after AA rating affirmed
Summary
Council approved resolution 2026-59 to issue $1,335,000 in General Obligation Improvement Bonds Series 2026A after financial advisor said Standard & Poor's affirmed a AA rating and the low market bid was about 3.31%.
The Newport City Council voted on July 16 to authorize the sale of $1,335,000 in General Obligation Improvement Bonds (Series 2026A) under resolution 2026-59, following a presentation by financial advisor Jason Arzewald of Ehlers.
Arzewald told the council that, after re-sizing the issue to match special-assessment financing, Standard & Poor's affirmed a AA rating with a stable outlook. He said bids were taken and the lowest market bid came from Bayard (Milwaukee) at roughly 3.31 percent; he added there was a small premium and the sale produces proceeds consistent with project needs.
Arzewald explained the change from a previously discussed tax-abatement structure to Chapter 429 improvement bonds (special-assessment bonds) because at least 20% of project costs will be covered by special assessments. He summarized the sale mechanics and recommended passage of a resolution to authorize issuance and award the bonds.
Council member Taylor moved the resolution and Council member Engemann seconded. After brief procedural remarks, the council approved resolution 2026-59 to issue and award the sale of $1,335,000 General Obligation Improvement Bonds Series 2026A, pledging special assessments and levying a tax for payment as necessary.
Mayor Elliott and staff congratulated project and finance staff on the sale process; the council did not schedule further action at the meeting on bond-closing details.
