Title
Approving a resolution authorizing the Publication of Notice of Intention to Issue Combination Tax and Limited Revenue Certificates of Obligation not to exceed $50M for debt related to the Public Works Complex and Other Matters related thereto.
Summary
During the FY26 budget discussions, it was indicated that the City would need to issue a 2026 Certificate of Obligation (CO) to fund utility projects. This issuance is to fund the balance of the Public Works Complex currently under construction. The general fund portion of the funding was provided through the 2023 CO. This issuance will be utility fund debt in an amount not to exceed $50M. The current funding needed to complete the project is $41M.
This item will come back to council for approval of the sale of the certificates on March 24, 2026.
Prior City Council Action
Approval of FY26 Budget on Sept. 9, 2025
Deadline for City Council Action
This item needs to be approved on Jan. 27, 2026 to meet the deadlines for closing the bonds by April 21, 2026.
Funding Expected: Revenue _X_ Expenditure ____
Budgeted Item: Yes _X_ No __ N/A __
Amount: Not to exceed $50M
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A _X_ Required __ Date Completed: ___________
Supporting documents attached:
CO Notice of Intent Resolution
Series 2026 Issuance Timeline
Recommended Action
Approve resolution as presented.