Focus Area: Economy
Staff Contact: Jamie Robichaud, Clara Bernauer
Subject: Consideration of Resolution No. 25-1057 and Ordinance No.25-18 authorizing the issuance and delivery of the General Obligation Improvement Bonds, Series 2025A.
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title:
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Consideration of Resolution No. 25-1057 and Ordinance No. 25-18 authorizing the issuance and delivery of the General Obligation Improvement Bonds, Series 2025A.
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Summary:
As approved by the City Council on May 20, 2025, bids will be received by the City on June 17, 2025 from prospective buyers of the General Obligation Improvement Bonds, Series 2025A. Accordingly, the best bid rates will be provided at the City Council meeting.
Series 2025A will be used to fund 16 projects in the approximate amount of $27,602,251. Series 2025A includes 10-year and 20-year debt structured for level annual debt service.
In addition to the bid approval required above, the City’s bond counsel, Gilmore & Bell, has prepared Ordinance No. 25-18 which services to authorize the issuance and delivery of the bonds, and provides for the levy and collection of annual tax for the payment of the principal and interest for Bond Series 2025A. Resolution No. 25-1057 sets the form and details of and authorizes the delivery of Bond Series 2025A.
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 the bids have been received and the final bid has been determined.
Standard and Poor’s Corporation has reaffirmed the City’s general obligation rating of AA+.
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Financial Impact:
The amount of Series 2025A Bonds is approximately $27,602,251.
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Action Needed:
Approval of Resolution No. 25-1057 to authorize the sale of General Obligation Bonds, Series 2025A, and approval of Ordinance No. 25-18 to authorize issuance of General Obligation Bonds, Series 2025A.
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Attachment(s):
A: Draft Bond Ordinance and Resolution