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Council authorizes Series 2020 general obligation bonds, the last 2016 Proposition 2 issue, 5-0
On May 12, 2020 the council adopted Ordinance No. 7850, 5-0, authorizing General Obligation Bonds, Series 2020, repaid from property taxes. The staff memo said the proceeds would fund about $8.1 million in public safety projects and that the issue was the last of the $20.1 million voters approved for public safety (Proposition 2) in November 2016; Finance Director Laura Storrs told the council it was the final issuance tied to that election. City debt schedules record $8,100,000 issued, maturing through 2045, and all of it spent by September 30, 2025; a note in the City's FY2025 financial report gives the amount as $8,000,000.[1][2][3][4][5]
Ginger NelsonElaine HaysFreda PowellEddy SauerHoward SmithLaura Storrs
What the sources say
- ✓ Verified
On May 12, 2020 the council passed Ordinance No. 7850, authorizing General Obligation Bonds, Series 2020, on first and final reading, 5-0 (motion by Councilmember Powell, second by Councilmember Sauer). The minutes say the proceeds would "fund the final Proposition 2 projects to address public safety as approved by voters at the November 2016 bond election"; asked by Councilmember Hays whether it was the last Proposition 2 issue, Finance Director Laura Storrs said it was "the final issuance related to the 2016 bond election." Mayor Nelson said the issue would cost homeowners $1.10 a year. [1]
- For
- 5
- Against
- 0
- ✓ Verified
The staff memo said the bonds were authorized at the November 8, 2016 election and would fund public safety projects of about $8.1 million, the final issuance of the $20.1 million authorized for public safety. It listed the earlier 2016-election issues as $21,280,000 in 2017 and $22,400,000 in 2018. [2]
- ✓ Verified
City financial records give two amounts for the Series 2020 general obligation bonds.
- Issued
- $8,100,000
Schedules of debt at September 30, 2023 and 2025 and the FY2025 financial report's statistical table: $8,100,000 issued, maturing February 15, 2045, for public safety facilities
Reported value 2[5]
- Issued
- $8,000,000
FY2025 financial report, Note 13 ("in the total amount of $8,000,000")
- ✓ Verified
The City's schedules of debt list $7,433,546 of the Series 2020 general obligation bond proceeds spent at September 30, 2023 and $8,100,000 (all of it) at September 30, 2025, with $7,485,000 of principal outstanding at the later date. The schedules do not name the projects funded. [3][4]
- Spent 2025
- $8,100,000
- Outstanding 2025
- $7,485,000
