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The City Council approved a $35.38 million lease-revenue bond issuance by a 4-1 vote. The minutes say the financing includes $1.6 million for the first interest payment in 2027; one council member objected to financing that amount over 20 years at 4.68%.
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The vote authorizes the city-related bond financing described in the meeting materials. The financing includes upfront borrowing for the first interest payment, which will add to the amount repaid by taxpayers. The council also voted to study whether future library services could fit in the planned Public Safety Facility and scheduled a February 18 public hearing for a proposed street and utility project.
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