Focus Area: Economy
Staff Contact: Jamie Robichaud, Mary Jaeger, Kate Messer
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title:
title
Consideration of Resolution No. 26-1065 authorizing the public sale of Stormwater System Improvement Bonds, Series 2026.
Body
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recommended motion:
To approve as part of the consent agenda
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Summary:
The City’s bond counsel, Gilmore & Bell, has prepared Resolution No. 26-1065 authorizing the sale of Stormwater System Revenue Bonds, Series 2026, in the approximate principal amount of $3,100,000. The proposed Revenue Bond issuance will provide funding for the following projects:
• CMP Replacement and Asset Management Project
Revenue Bonds are secured by future user fee revenues, rather than the City’s ability to levy taxes. Series 2026 has a 20-year term.
The City is tentatively scheduled to accept bids on September 1, 2026. The Mayor is authorized the award of the sale of the Series 2026 Bonds to the submitter of the best proposal or reject all proposals per Resolution No. 26-1065, provided that the principal amount does not exceed $3,200,000 and the true interest cost of the Series 2026 Bonds shall not exceed 6.00%
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Financial Information:
The amount of Stormwater Revenue Bonds, Series 2026, is approximately $3,100,000
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Attachment(s):
A. Draft Sale Resolutions
B. Draft Summary Term Sheet