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Council authorizes roughly $4.5M in tax notes to fund rolling equipment-replacement program
Summary
City approved issuing approximately $4.5 million in Tax Note Series 2026 to fund two years of equipment replacement (including an ambulance and a fire truck), freeing up $1.9M annually in the general fund; bids returned at about 3.85% interest.
The council authorized issuance and sale of approximately $4.5 million in tax notes (Tax Note Series 2026) to implement a rolling equipment replacement program that will free up about $1.9 million annually in the general fund. Finance Director Jonathan Flores said the bid rate came in around 3.85%, better than earlier estimates, and proceeds will fund two years of scheduled equipment replacement, including a $270,000 ambulance and a $400,000 fire truck referenced in staff materials.
Public commenter Coco Simpson questioned the borrowing approach, asking why scheduled equipment purchases were not being funded from reserves instead of issuing tax notes. Staff replied the rolling-note approach does not increase the tax rate and allows the city to re-prioritize operations funding while preserving equipment replacement schedules.
What happens next: Funds are expected to be available in mid-September and the city will use the proceeds for the equipment-replacement items described in staff materials.
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