Focus Area: Economy
Staff Contact: Jamie Robichaud, Kate Messer
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title:
title
Consideration of Ordinance No. 26-38 and Resolution No. 26-1067 authorizing the issuance and delivery of the General Obligation Improvement Bonds, Series 2026A
Body
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recommended motion:
To approve Resolution No. 26-1067 to authorize the sale of General Obligation Bonds, Series 2026A, and approval of Ordinance No. 26-38 to authorize issuance of General Obligation Bonds, Series 2026A
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Summary:
As approved by the City Council on June 16th 2026, bids will be received by the City on July 21st, 2026 from prospective buyers of the General Obligation Improvement Bonds, Series 2026A. Accordingly, the best bid rates will be provided at the City Council meeting.
Series 2026A will be used to fund 14 projects in the approximate amount of $20,964,045. Series 2026A includes 10-year structured debt for level annual debt service.
In addition to the bid approval required above, the City’s bond counsel, Gilmore & Bell, has prepared Ordinance No. 26-38 which services to authorize the issuance and delivery of the bonds, and provide for the levy and collection of annual tax for the payment of the principal and interest for Bond Series 2026A. Resolution No. 26-1067 sets the form and details of and authorizes the delivery of Bond Series 2026A.
Draft copies of the above-mentioned ordinance and resolution are attached. The final versions of these documents will be available at the City Council meeting once bids have been received and the final bid has been determined.
Standard and Poor’s Corporation has reaffirmed the City’s general obligation rating AA+.
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Financial Information:
The amount of Series 2026A Bonds is approximately $20,964,045
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Attachment(s):
A: Draft Bond Ordinance and Resolution