Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Bonding topic
No spam. Unsubscribe anytime.
Council advances $26.5 million bond ordinance to fund water, roads, buses and ice-arena repairs
Summary
City Controller Ina Resnick told the Long Beach City Council Aug. 4 that the city seeks authorization to borrow about $26.5 million for capital projects; roughly $9 million is expected to be reimbursed by grants, and debt service is estimated to begin fiscal year 2028.
City Controller Ina Resnick presented an ordinance Aug. 4 asking the City Council to authorize up to approximately $26.5 million in borrowing to finance projects in the city—s 2027 capital plan. The package includes general fund projects and water/sewer items; Resnick said about $9 million of the total is expected to be reimbursed by grants, reducing the city—s long-term share.
Resnick highlighted several major projects: roughly $4,000,000 for hazard mitigation at the water-purification plant; $3,500,000 for bus replacements; $2,900,000 for road reconstruction; and $1,160,000 for rehabilitation work at the ice arena. She said some projects already have prior authorizations and that bonds will be issued only as needed. "Once that's received, those short-term borrowings will be paid off and will never become the long-term debt of the city," Resnick said.
Residents asked whether the borrowing would trigger immediate property-tax hikes. City officials said the borrowing plan is expected to increase debt service by an estimated $1.3 million once converted to long-term debt, but that the city is retiring more debt than it is taking on and does not expect a near-term tax increase tied solely to this ordinance. "If all costs stayed the same, we could have a net negative of $200,000," the city manager said, describing how retirements of older debt offset new obligations.
Questions about specific projects prompted additional detail: the ice-arena allocation covers replacement of decades-old ice-making and electrical switch gear; staff said the arena's revenue rose about $165,000 last year but the city had not completed a full profitability analysis. On timing, officials said bonds could be issued as early as September, with fiscal-year 2028 showing the first long-term debt service for some items.
The ordinance will be subject to statutory publication and a 30-day statutory "bail period" under New York law before final issuance; Resnick said bank counsel would certify compliance prior to any final issuance.
What happens next: the council introduced the ordinance as part of a block vote and will receive separate project-level votes before individual projects proceed to construction or procurement.
