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City authorizes sale of Certificates of Participation to finance building and infrastructure projects
Summary
The Board approved Ordinance No. 1703‑2026 authorizing Refunding and Improvement Certificates of Participation, Series 2026, to finance improvements (City Hall, museum, 105 building), a Nation Road water main, and refinance a 2024 equipment lease; Piper Sandler estimated $730,000 in savings.
Public Works Director Shelie Daniel introduced Bill No. 40 and deferred to counsel Megan Miller and finance advisor Todd Goffoy. Miller explained the financing is an annual appropriation structure that "does not encumber or utilize any of the city's real property" but will encumber equipment financed by the certificates. She said the sale is a negotiated transaction and a preliminary official statement will be prepared for the market.
Todd Goffoy of Piper Sandler provided a savings estimate to the city, which the minutes record as approximately $730,000. On second reading the ordinance passed 4–0 and was adopted as Ordinance No. 1703‑2026. The financing will be finalized only if the sale meets the city's negotiated sale parameters.
