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<br /> <br />REQUEST FOR COUNCIL ACTION <br />Date: 6/16/2025 <br />Item No.: 7.d. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Establish a Date of Sale for the Issuance of the City’s 2025 General <br />Obligation Equipment Certificates to finance the purchase of an Electric <br />Fire Engine <br />1 <br />2 Background <br />3 At the January 22, 2024, City Council meeting, the Council approved the purchase of an <br />4 electric fire engine. In the council report it was noted that general obligation equipment <br />5 notes would need to be issued to finance this purchase as the fire equipment and vehicle <br />6 capital fund does not have sufficient resources to pay for this purchase. Staff have been <br />7 working with Ehlers to prepare the equipment certificate sale. Attachment 2 has the pre- <br />8 sale report prepared by Ehlers which includes estimated debt service schedules. <br />9 <br />10 When a city plans to issue bonds, it is best practice to review outstanding debt issues to <br />11 determine if there are any potential cost savings that can be achieved for the City by <br />12 refinancing. A review of the City’s debt issues identified no cost savings of refinancing <br />13 existing debt issues. <br />14 <br />15 It takes approximately 30 days to fully conduct the sale process. The Council is advised to <br />16 take action at its June 16, 2025, meeting to set a bond sale date for Monday, July 21, <br />17 2025. Results of the sale will be presented and the winning bid awarded at the Council’s <br />18 meeting that evening. The receipt of the bond proceeds would take place August 12, 2025. <br />19 <br />20 The City’s Bond Counsel, Taft Stettinius & Hollister LLP, has drafted the resolution setting <br />21 the date of sale for $1,880,000 in General Obligation Equipment Certificates as found in <br />22 Attachment 1. <br />23 <br />24 Policy Objectives <br />25 To advance the City’s strategic priority of Reliable and Sustainable Infrastructure by setting <br />26 a sale date for general obligation bonds that will fund the purchase of an electric fire truck. <br />27 This investment aligns with Goal #1 (Develop and implement a funding strategy that <br />28 prioritizes key capital improvements that are planned, regularly assessed and evolve based <br />29 on city values and changing community needs), by implementing a funding strategy for <br />30 capital improvements that reflect city values—particularly sustainability, safety, and <br />31 accountability—and respond to evolving community needs. It also supports Goal #3 (City <br />32 infrastructure supports the sustainability goals of the city), by incorporating green <br />33 alternatives in asset replacement and furthering the City’s sustainability goals. <br />Page 1 of 2 <br />Qbhf!81!pg!464 <br /> <br />