Focus Area: Economy
Staff Contact: Jamie Robichaud, Kate Messer
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title:
title
Consideration of Resolution No. 26-1054 authorizing the public sale of General Obligation Temporary Notes, Series 2026-A; and General Obligation Improvement Bonds, Series 2026A
Body
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recommended motion:
Approve as part of the consent agenda
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Summary:
The City’s bond counsel, Gilmore & Bell, has prepared Resolution No. 26-1054 which authorizes the City to sell the following general obligation issues:
• Temporary Notes: Series 2026-A will be used to provide project funding in the approximate amount of $176,968,496. Temporary Note Series 2026-A provides funding for 18 capital improvement projects and has a maturity of October 1, 2027. The projects with the largest funding amounts are 119th Street, Woodland to Northgate, Improvements; Santa Fe, Ridgeview to Mur-Len, Improvements; Fire Station #9.
• General Obligation Bonds: Series 2026A will be used to fund 14 projects in the approximate amount of $20,964,045. The projects with the largest funding amounts are Facility Renovations and Improvements; 135th Retaining Wall; Modernization of Fire Stations; Street Reconstruction and Street Preservation Program.
The City has applied to Standard & Poor’s Corporation for ratings on the Bonds and Notes.
The City is tentatively scheduled to accept bids on July 21st, 2026. The Mayor is authorized to award the sale of the Series 2026-A Notes and Series 2026A Bonds to the submitter of the best proposal or reject all proposals per Resolution No. 26-1054, provided that the principal amount of the Notes does not exceed $178,000,000 and the true interest cost of the Notes does not exceed 5.0%; and provided that the principal amount of the Bonds does not exceed $22,000,000 and the true interest cost of the Bonds does not exceed 6.00%.
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Financial Information:
The par amount of General Obligation Bonds, Series 2026A is approximately $19,740,000
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Attachment(s):
A: Draft Sale Resolution
B: Draft Summary Term Sheet