Council authorizes up to about $43 million in drainage revenue bonds (Series 2024)
The council adopted Ordinance No. 8123, 5-0, authorizing Drainage Utility System Revenue Bonds, Series 2024. The staff memo said up to approximately $43 million in proceeds would be used for drainage system improvements and that the 47% rate increase effective October 1, 2023 was to fund the debt service. City financial reports record $38,135,000 issued, maturing through 2054.[1][2][3][4]
On March 26, 2024 the council adopted Ordinance No. 8123 authorizing Drainage Utility System Revenue Bonds, Series 2024, 5-0 (motion by Councilmember Tipps, second by Councilmember Craft), after a presentation by the CFO and Specialized Public Finance. The memo said "up to approximately $43 million in proceeds will be used for improvements and construction of the City's drainage system."
[1][2]
Authorized up to
$43,000,000
✓ Verified
City financial reports record the Series 2024 drainage revenue bonds at $38,135,000, at 4.00-5.00%, maturing through 2054, with $37,985,000 outstanding at September 30, 2025. The schedule of debt at that date lists no proceeds spent and $38,135,000 unspent.
[3][4]
Issued
$38,135,000
Outstanding
$37,985,000
Unspent
$38,135,000
⚠ Sources differ
City financial records give different issue dates for the Series 2024 drainage revenue bonds.
Issue date in the debt statistical table of the same report
Unverified
City agenda items from 2026 fund drainage projects from "2023 Drainage Bond Funds" (PRJ-0000104), which the September 22, 2026 memo describes as funding projects identified in the FY23/24 CIP, budgeted in December 2023. City debt records list two drainage revenue bond series from that period: Series 2023 ($4,675,000, authorized January 10, 2023) and Series 2024 ($38,135,000, authorized March 26, 2024). The documents reviewed do not say which series funds PRJ-0000104; the awards charged to it in 2026 ($14,255,589 and $1,350,000) together exceed the Series 2023 issue.
[5][6][4][7][2]
