title
Resolution Authorizing Amendment to an Installment Financing Contract in an Amount Not to Exceed $75,000,000 to Finance and Refinance Various City Projects
body
Department:
Finance
Meeting Date:
2/17/2026
Contact Name:
Michael Pirsch
Public Hearing:
No
Contact Phone:
910-342-2771
Advertising Date/Advertised By:
N/A
Attachments:
Attachment #1: Resolution; Attachment #2: Presentation
PURPOSE:
The purpose of the resolution is to authorize the negotiation of an amendment to an installment financing contract ("Contract Amendment") in a principal amount not to exceed $75,000,000, and to provide for certain other related matters.
BACKGROUND:
Financing the 2026 projects covered in this resolution and refinancing the refunded projects are essential to the City's proper, efficient, and economic operation and to the general health and welfare of its inhabitants. The 2026 projects and the refunded projects will enable the City to perform public functions it is authorized by law to perform.
The City intends to apply the proceeds of the Contract Amendment to finance multiple projects, including the following: (1) the acquisition, construction, and equipping of a new park maintenance complex, together with related site development and appurtenant improvements thereto; (2) the acquisition of radio communication equipment for various City departments; and (3) street, sidewalk, accessibility, and streetscapes. The City also intends to refinance the City's installment payment obligations related to two Installment Purchase Contracts, the 2015A and 2016 LOBs dated June 26, 2015, and May 12, 2016, respectively, which refinanced certain projects, as described therein.
The actions covered by this resolution require a public hearing, which will be noticed following passage of this resolution, as described in the attached Exhibit A.
BUDGET IMPACT:
The existing budget is sufficient to cover the borrowing for the 2026 projects. An ordinance appropriating the premium, c...
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