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Council authorizes certificates of obligation, limited tax note and TIRZ bonds to fund landfill, equipment and TIF projects
Summary
Council approved a delegation ordinance for $17.5M COs, a $4.8M limited tax note for equipment, and authorized TIRZ bonds (roughly $124–125M) with staff and advisors explaining parameters, bid results and security pledges.
The council approved three financing ordinances in the same agenda block: (1) an ordinance delegating authority to issue up to $17.5 million in taxable certificates of obligation (COs) to finance land for landfill expansion and an animal shelter expansion, (2) the issuance of up to $4.8 million in limited tax notes to buy equipment and vehicles, and (3) authorization of tax increment revenue bonds tied to Reinvestment Zone No. 1 (the TIRZ/TIF bonds).
Jacqueline Hale (bond counsel) explained that the CO ordinance delegates pricing authority within parameters set by council; she said the ordinance is structured to allow flexibility in pricing certificates in the market. "So the ordinance will delegate authority to your pricing officer, to approve the final terms of the bonds whenever we do price the COs," Hale said. Council approved all three items unanimously.
