Discussion and possible adoption of RES. 2025-111 approving the sale and execution and delivery of a Pledged Excise Tax/State Shared Revenue Obligation, Series 2026 to be used to finance a portion of the Fleet Maintenance Building being constructed at the Municipal Operations Center; approving the form and authorizing the execution and delivery of necessary agreements for such sale; and delegating authority to determine certain matters and terms with respect to the foregoing.

The City is considering issuing not more than $12 million in Pledged Excise Tax/State Shared Revenue Obligation to fund a portion of the construction costs for a new fleet services building.

It is anticipated that the new obligation will be sold via private placement, have a tax-exempt interest rate of not to exceed 5.5%, and with a final maturity of not more than 20 years.

Included with this communication are drafts of the Purchase Agreement and the Trust Agreement.

The last Pledged Excise Tax/State Shared Revenue Obligation issuance was approved by Mayor and Council on April 5, 2022.

Staff recommends adoption of the resolution authorizing the sale of bonds.