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Council authorizes General Obligation Refunding Bonds, Series 2020, 5-0
On May 12, 2020 the council adopted Ordinance No. 7851, 5-0, authorizing General Obligation Refunding Bonds, Series 2020, to refinance outstanding debt. The staff memo said the bonds would refund 10 earlier debt issues. Finance Director Laura Storrs said the refunded debt was repaid from other sources, including public improvement districts, golf courses, the TIRZ and water and sewer revenue. The City's FY2025 financial report puts the issue at $50,450,000, most of it ($43,880,000) repaid from water and sewer revenue.[1][2][3][4]
Ginger NelsonElaine HaysFreda PowellEddy SauerHoward SmithLaura Storrs
What the sources say
- ✓ Verified
On May 12, 2020 the council passed Ordinance No. 7851, authorizing General Obligation Refunding Bonds, Series 2020, on first and final reading, 5-0. Finance Director Laura Storrs said the bonds being refunded were paid with outside funds: "PIDs, golf courses, TIRZ and water & sewer revenue." Councilmember Hays asked for the savings to be shown netted; Councilmember Powell, making the motion, said it would be a savings of $3,877,480. [1]
- For
- 5
- Against
- 0
- ✓ Verified
The staff memo said the ordinance would refund a total of 10 outstanding debt issuances, citing current low interest rates. [2]
- ✓ Verified
The City's FY2025 financial report says the City issued the General Obligation Refunding Bonds, Series 2020 "in the total amount of $50,450,000," and lists the parts as $960,000 supported by tax revenue (matured in 2022), $5,700,000 by special assessments and other sources, and $43,880,000 by water and sewer revenue; those three parts add to $50,540,000. The water and sewer part refunded 2009 and 2009B certificates of obligation and 2011 general obligation bonds. The schedule of debt at September 30, 2025 splits the $5,700,000 among public improvement districts ($1,380,000), golf courses ($2,860,000) and TIRZ No. 1 ($1,460,000). [3][4]
- Water sewer part
- $43,880,000
- Other sources part
- $5,700,000
- Tax part
- $960,000
- ✓ Verified
Savings figures for the Series 2020 general obligation refunding differ by source and measure.
Reported value 1[1]
- Savings
- $3,877,480
Savings stated by Councilmember Powell when making the motion (minutes)
Reported value 2[3]
- Debt service reduction
- $4,350,593
Sum of the reductions in total debt service the FY2025 financial report gives for each part: $45,680 (tax-supported), $1,497,571 (special assessment and other) and $2,807,342 (water and sewer)
