Title
Public Hearing and Adopt Bond Order on General Obligation Refunding Bonds
Action
Action:
A. Conduct a public hearing regarding the issuance of General Obligation Refunding Bonds not to exceed $201,510,000 to fund transportation and neighborhood improvement projects, and
B. Adopt a bond order to provide for the issuance of General Obligation Refunding Bonds not to exceed $201,510,000.
Body
Staff Resource(s):
Teresa Smith, Finance
Matthew Hastedt, Finance
Explanation
§ This action continues the process of authorizing the issuance of up to $201,510,000 of General Obligation Refunding Bonds which includes refunding of the Series 2023C General Obligation Bond Anticipation Note (BANs) draw program to convert short-term financing for transportation and neighborhood improvement projects.
§ The city will also seek approval in September 2025 for a new short-term General Obligation Bond draw program for up to $200,000,000 for transportation and neighborhood improvements projects authorized by votes in 2020 and 2022 bond referenda.
§ The city issues BANs, which are short-term, variable rate debt, during construction periods for transportation and neighborhood improvement projects with a plan to convert the BANs to permanent debt at the end of a 24- to 36-month construction period. This approach is consistent with financial best practices and results in a lower cost to taxpayers.
§ Council will be asked to take the following actions regarding these bonds at the upcoming September 22, 2025, Business Meeting:
- Adopt a refunding resolution of approximately $201,510,000, and
- Adopt a resolution for the new General Obligation draw program approximately $200,000,000.
Attachments
Attachment(s)
Bond Order and Extract of minutes