Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Bonds topic
No spam. Unsubscribe anytime.
Packet includes $8.02M bond ordinance to retire notes, fund multiple water and downtown projects
Summary
Ordinance No. 26-041 would authorize up to $8,020,000 in bonds to retire outstanding notes and fund an array of city projects — including water-line work, sanitary sewer rehabilitation, a bulk water fill station, and City Hall and downtown parking improvements. The Auditor is authorized to set final terms and maturity allocations.
The March 17 packet contains Ordinance No. 26-041 (sponsored in the materials by Council Member Jon Yurchiak), which would authorize the City to issue up to $8,020,000 in bonds for multiple infrastructure purposes.
The ordinance explicitly lists seven component purposes: (a) a bulk water fill station; (b) paving, grading and lighting of the City Hall parking lot; (c) downtown improvement project components; (d) a southwest downtown municipal parking lot and public pavilion; (e) sanitary sewer rehabilitation including cured‑in‑place pipe and manhole work; (f) roughly 3,000 feet of water line replacement along Tolbert Street; and (g) acquisition and installation of water‑system meters. The ordinance states proceeds may also pay financing costs and typical issuance expenses.
The ordinance text directs the Auditor to certify estimated useful lives and allocate maximum maturities by component; the preamble lists maturity allocations ranging from 10 to 40 years depending on project portions. The ordinance also pledges the City’s full faith and credit and directs a tax levy for debt service, while noting available utility system net revenues or municipal income tax receipts could reduce levied amounts as appropriate.
Status in packet: second reading (2nd RDG) with an emergency clause for prompt issuance and sale; the ordinance delegates the final sale terms, Certificate of Award and related agreements to the Auditor and Mayor. The packet contains standard continuing disclosure and municipal advisor/bond counsel retainer language; it does not record a Council vote on final sale terms.
