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Council reviews cash defeasance of pool bonds and delays election decision until 2026
Summary
City Clerk Jodi Wade presented cash-on-hand figures for the Park and Pool Sales Tax Fund and said defeasance of the Series 2020 refunding bonds would leave about $313,890; the council declined a November 2025 election and will consider November 2026 if it chooses to repurpose or sunset the sales tax.
City Clerk Jodi Wade reviewed the Park and Pool Sales Tax Fund balances and the option to cash-defease the Series 2020 refunding bonds for the pool: $960,837 cash on hand, a $150,000 CD, a $55,915 T‑Bill reserve and $32,256 in T‑Bill interest. Wade said defeasance would close the bonds, remove the debt, and leave approximately $313,890 remaining in the fund.
Wade asked whether the council would authorize Raymond James and Gilmore & Bell to prepare paperwork for defeasance; the council indicated they were not prepared to authorize that step at the meeting. Council members agreed not to pursue a November 2025 election to repurpose the sales tax and instead opted to consider language and outreach ahead of a possible November 2026 ballot measure, including defining the value, purpose and any sunset date for the sales tax.
