· Related development
Council votes 5-0 to publish notices of up to $13.5 million in street COs and $3.25 million in taxable airport-hangar COs
The council adopted two resolutions, each 5-0, authorizing notice of intention to issue Series 2024 certificates of obligation of up to $13,500,000 for streets and Taxable Series 2024 certificates of up to $3,250,000 for municipal airport hangars, with a March 26, 2024 meeting set to consider them.[1][2]
Cole StanleyJosh CraftDon TippsTom ScherlenLes SimpsonLaura Storrs
What the sources say
- ✓ Verified
Resolution No. 01-23-24-3 authorized notice of the City's intention to issue up to $13,500,000 in Series 2024 certificates of obligation for constructing and improving streets (including drainage, landscaping, curbs, gutters, sidewalks, signage, traffic signals and right-of-way), payable from property taxes and a limited pledge of the waterworks and sewer system. The notice stated outstanding tax-supported principal of $204,383,000, estimated principal and interest on the new certificates of $19,311,295, and a maximum maturity of February 15, 2049. The memo said the issuance "was included in the fiscal year 2023/34 [sic] approved budget." [2]
- Notice cap
- $13,500,000
- Est principal and interest
- $19,311,295
- Outstanding tax supported
- $204,383,000
- ✓ Verified
Resolution No. 01-23-24-4 authorized notice of intention to issue up to $3,250,000 in Taxable Series 2024 certificates of obligation for "constructing, improving and equipping municipal airport hangers [sic]," with estimated principal and interest of $5,219,745 and a maximum maturity of February 15, 2049; the memo said the issuance was included in the approved FY2023/24 Airport budget. [2]
- Notice cap
- $3,250,000
- Est principal and interest
- $5,219,745
- ✓ Verified
After presentations by Interim Deputy City Manager and CFO Laura Storrs, the council adopted both notice resolutions on January 23, 2024 by 5-0 votes (Mayor Cole Stanley and Councilmembers Josh Craft, Don Tipps, Tom Scherlen and Les Simpson); Craft moved both, seconded by Tipps on the street certificates and by Simpson on the hangar certificates. [1]