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Council authorizes up to $18.5 million in water, sewer and storm-water bonds to finance public works facility
Summary
Resolution 2025-R-17 authorizes parameters for issuing up to $18.5 million in revenue bonds (max 35 years, interest up to 7%) to fund a new public works facility; a public hearing is set for May 20, 2025.
The council adopted Resolution No. 2025-R-17 authorizing the issuance and sale of up to $18,500,000 in water, sewer, and storm-water revenue bonds to finance construction of a new public works facility for storage, fleet maintenance, offices and related improvements. Mariah Hill said the bonds may also fund a debt service reserve and pay issuance costs, and that staff and financial advisors found debt service coverage and reserves adequate.
Municipal advisor Laura Lewis urged the council to move quickly on pricing, saying she would "like to get the bonds priced within the next 90 days." Council set a public hearing for May 20, 2025 to present specific project allocation and amounts. The resolution sets parameters including a maximum interest rate of 7.00%, a maximum maturity of 35 years, and a minimum sale price of 96% of par.
