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Council adopts $16.8M budget adjustment for 2024 general obligation bond proceeds
Summary
Staff asked and council approved R64 to establish budget authority for proceeds from the city's 2024 general obligation bond issuance, which closed on July 23, 2024, and produced approximately $16.8 million in proceeds.
The Financial Services Department requested and the council approved R64, a budget adjustment to recognize proceeds from the city's Series 2024 general obligation bond sale. Director Hiram Eel said the city closed on the bond series on July 23, 2024, receiving approximately $16,800,000 in proceeds (about $16,000,000 par value plus roughly $800,000 premium) and that R64 formally establishes the budget for the proceeds consistent with the voter-approved purposes.
Eel said staff recommended approval and stood for questions; there were no public speakers on the item and the council adopted the resolution by roll call. The resolution establishes the spending authority for the bond proceeds under the uses approved by voters in the bond election.
