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Council posts ordinance to issue up to $8.02 million in bonds for water, sewer and downtown projects
Summary
Ordinance No. 26-041 would authorize up to $8,020,000 in bonds to finance a bulk water fill station, City Hall parking, downtown infrastructure, sewer rehabilitation, Tolbert Street water lines and water meters; the ordinance text in the record names Auditor and bond counsel and declares an emergency, but the transcript contains the ordinance text only and records no vote.
Ordinance No. 26-041, sponsored by Council Member Jon Yurchiak, would authorize the issuance and sale of bonds in a maximum aggregate principal amount of $8,020,000 to pay costs of a list of specified infrastructure improvements across the city, according to the ordinance text on the April 7 agenda. The ordinance enumerates seven component purposes including a bulk water fill station; paving, grading and lighting for a City Hall parking lot; downtown infrastructure work; a Southwest downtown municipal parking lot and pavilion; sanitary sewer rehabilitation including cured-in-place pipe and manhole work; approximately 3,000 feet of water line replacement on Tolbert Street; and acquisition and installation of water meters.
The ordinance recites a prior set of 2025 ordinances and an Auditor certification of estimated useful life and maximum maturities for each component purpose. It authorizes the Auditor to set interest rates and maturity schedules (the ordinance caps net interest cost at 6.00%), allows book-entry issuance and contemplates selling the bonds by private placement to an Original Purchaser at not less than 97% of par. Section 7 pledges the City’s full faith and credit and orders a tax levy sufficient to pay debt charges, with reductions allowed to the extent net revenues of specific city systems (water, sanitary sewer, storm water, telecommunications, electric) or municipal income tax receipts are appropriated to pay debt service.
The ordinance also directs continuing disclosure under SEC Rule 15c2-12 and authorizes the retention of Squire Patton Boggs as bond counsel and Baker Tilly Municipal Advisors as municipal advisor. The text declares the measure an emergency "necessary for the immediate preservation of the public peace, health and safety" to permit prompt issuance and retirement of outstanding notes. The provided transcript contains the ordinance language and the Clerk’s certificate of publication (Clerk Julie Darlington is named in the text) but does not record a motion or a vote on final passage.
