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Council briefed on bond plans, TERS transfer and animal-shelter design funding
Summary
Staff said the city will issue debt in early August for equipment, facility renovations and land acquisitions and recommended transferring TERS incremental-value funds to cover part of the McElroy debt; design funding for a new animal shelter is included.
Kim Quinn told council the city will issue debt on Aug. 4 and plans to use certificates of obligation for a fire engine, Station 2 renovation and land acquisition for animal services, while voter-approved debt will fund McElroy Phase 2B. "We're gonna issue debt on August 4," Quinn said.
Quinn also said the TERS incremental-value fund, which has grown from about $66,000,000 to a proposed $117,000,000 next year, will be used to transfer resources to the debt-service fund to cover McElroy-related debt payments. Staff emphasized these uses are part of the capital-financing plan in the proposed budget and that design work for the animal shelter will move forward, including architect selection and project scoping. Council did not take final bond-issuance actions at the meeting; the information was presented as part of the budget and work-plan updates.
