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Council approves publication of notice to consider up to $4 million in certificates of obligation
Summary
After a presentation by Samco Capital Markets, council voted to publish a notice of intent to issue certificates of obligation not to exceed $4 million; funds would be used for utility meter replacements, streets, drainage and airport improvements and the sale would be considered after the statutory notice period.
Andrew Friedman of Samco Capital Markets told council the action being requested was only to start the legal notice process, not to sell debt that night. "The notice of intention states that you're moving forward to borrow an amount not to exceed $4,000,000," Friedman said, outlining a timetable that would bring the city back for a sale approval in late September and funding delivery in late October if the council proceeds.
Friedman and city staff explained the planned uses: predominantly water and electric meter replacements, some airport projects (AWOS/weather monitoring and taxiway improvements), and streets and drainage. Councilmember motioned and seconded a notice-of-intent resolution; the council voted to approve publishing the notice and begin the 46‑day statutory notification period, with a sale to be considered at a future meeting after bids are secured.
