Item 9B - MemoM E M O R A N D U M
February 10, 2026
To: Alison Ortowski, City Manager
From: Sharen Jackson, Chief Financial Officer
Subject: Resolution No. 26-004, approving and authorizing publication
of notice of intent to issue certificates of obligation for capital
improvement projects.
Action
Requested: Approval of Resolution No. 26-004 as an initial step to issue
certificates of obligation for capital improvement projects.
Background
Information: Approval of this resolution is the first step in issuing
certificates of obligation. Once this Resolution is approved,
the City may issue less than that amount but cannot exceed
it. The approval of the resolution:
•Establishes the maximum amount ($14,000,000) of
the certificates the city can issue.
•Authorizes the publication of a notice in the
newspaper of the City’s intent to issue certificates of
obligation.
The certificates are issued and approved by the adoption of
an ordinance; approval is scheduled for April 21st. The city
would receive funding in late May. The proceeds from the
bonds will be used for the construction of the capital
improvement projects in accordance with the capital
improvement scheduled for approval on the same evening of
February 17th. All other projects in FY 2026 Capital
Improvement Program will be funded with cash.
Financial
Considerations: The City’s Property Tax will repay the debt for the mobility
projects, and the Stormwater Fund will repay the debt for the
drainage projects. All other projects in the approved capital
improvement plan will be cash-funded.
Item 9B
Page 2 of 2
Strategic Link: F1: Safeguarding the public trust through a commitment to
thoughtful planning and responsible, conservative financial
management.
F2: Investing to provide & maintain high quality public
assets.
Citizen Input/
Board Review: The resolution is the first step in issuing certificates of
obligation. Citizen input is not a requirement of the
resolution; however, the Public Hearing is scheduled for April
21st with the Ordinance.
Legal Review: The law firm Norton Rose Fulbright US LLP serves as the
City’s bond counsel and, as such, has prepared the
resolution.
Alternatives: Without issuing the certificates, capital projects would be
funded on a pay-as-you-go basis. Budgets and project timing
would be prioritized based on the revenue projected by the
fiscal year.
Supporting
Documents: Resolution No. 26-004
Staff
Recommendation: Approval of Resolution No. 26-004