Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Finance topic
No spam. Unsubscribe anytime.
Public Building Commission and council approve resolution of intent for fire station financing; not to exceed $5.5 million
Summary
The Public Building Commission and city council approved a revised resolution of intent to increase the ceiling for bond issuance to $5.5 million for a new fire station; staff said final sizing and pricing will be set in September and RWFA closing is targeted for Sept. 29.
Staff and PBC advisors updated the commission and council on financing for the new fire station and asked to increase the prior resolution of intent ceiling to $5,500,000 to accommodate final issuance costs. Staff explained the full issuance is currently estimated at about $5,375,000 and that the higher ceiling preserves scheduling with the RWFA market timetable.
A parameters resolution is expected in early September to set not‑to‑exceed amounts and interest‑rate thresholds; staff emphasized the structure is intended to smooth mill levy impacts by capitalizing interest during construction and wrapping principal payments to coincide with other debt maturities. The PBC and council approved Resolution PBC 2026‑02 by voice vote with four yeses and one abstention.
