Resident urges council to delay CO notice until project costs and tax impacts are reconciled

During public comment, resident Terry Lynch asked the council to delay publishing the notice of intent to issue certificates of obligation and to present residents with a clear accounting of project costs and the potential tax or rate impacts the financing could impose.

"Staff identifies $14,850,000 in projects and says more than 4,000,000 has already been set aside or budgeted toward those projects, leaving approximately 10,850,000 to finance. Yet the proposed notice authorizes up to $15,160,000 — why does the city need an additional 4,310,000 in borrowing authority?" Lynch asked, requesting a reconciliation of line items and a clear explanation of what the broader authorization language would permit.

City staff and bond counsel later explained that the published NOI number includes contingencies, professional fees and bond issuance costs and that publishing a higher not-to-exceed amount provides flexibility but does not commit the council to issuing the full amount. Staff said the final par amount and structure would be returned for council approval when the CO authorization is considered in November.

Action: Council approved directing publication of the NOI (resolution 2026‑914) later in the meeting, but council members and staff acknowledged Lynch’s request for more detailed reconciliations before the final financing authorization.