Title
Initial Finding Resolution for an Installment Financing Contract for Equipment and Facilities
Action
Action:
A. Adopt an initial findings resolution making certain findings and calling for the execution of various documents necessary to complete an installment financing contract, and
B. Adopt a resolution setting a public hearing for March 9, 2026, for an installment financing contract not to exceed $120,000,000.
Body
Staff Resource(s):
Matthew Hastedt, Finance
Explanation
* Installment financing contracts such as Certificates of Participation (COPs) and Limited Obligation Bonds (LOBs) are common debt financing tools used by municipal governments to help fund the purchase of capital equipment and the construction or renovation of facilities.
* The city will enter into an installment financing contract not to exceed $120,000,000 to finance the city's acquisition of certain equipment and construction of and improvements to facilities. It also includes refunding of series 2014A COPs. The refunding is expected to result in economic savings over the life of refunding.
* Projects to be funding from this financing include, but are not limited to:
* Renovating the Law Enforcement Center for the 911 Expansion,
* Constructing a new Animal Care and Control Adoption Facility,
* Implementing ADA transition in facilities,
* Constructing, renovating, and improving firefighting and other public safety facilities,
* Completing capital building improvements and sustainability-related utility systems upgrades,
* Acquiring land for Police hangar and other public safety facilities,
* Improving other governmental facilities, and
* Purchasing Charlotte Water equipment.
* The city's obligation to repay the debt will be secured by real property and a security interest in the equipment.
* The Charlotte Water equipment portion of the financing will be supported by the Charlotte Water Debt Service Fund.
* City Council will be asked to consider the adoption of a resolutio...
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