The Superior Common Council approved a resolution authorizing the issuance and sale of up to $5,500,000 in general-obligation street improvement bonds (series 2017B) to finance the Belknap reconstruction project.

City staff reported that five bids were opened and the lowest bid came in at roughly 2.9 percent; the apparent winning bidder was Janney Montgomery Scott of Philadelphia. Staff noted Ehlers served as financial advisor and bond counsel was present for questions. Councilors asked whether the interest rate aligned with presale expectations and whether the city might use reserves to reduce future borrowing needs. Staff replied that the presale estimate had been around 3.3 percent and that the sale came in slightly better than that, and they described several funding sources for the project (bonds plus other capital-improvement funds and utility funds where applicable). Staff also said discussions with the city's bond-rating agency (Standard & Poor's) suggested some room to consider strategic use of reserves for one-time capital needs, with a caution against using reserves for recurring costs.

After questions, the council approved the resolution by voice vote. The motion and related documents include the bond amount ($5.5 million), the project identification (Belknap reconstruction), the winning bidder (Janney Montgomery Scott) and the reported interest rate (~2.9%). Staff indicated that construction funds will be used strictly for the Belknap project as described in the resolution.