1. Alternative Financing Strategy Presented for $50 Million Capital Projects The Board received a detailed presentation on alternative bond financing options to replace or supplement the WIFIA loan for six major capital improvement projects totaling approximately $50 million (reduced from $69 million). Financial consultant Fieldman Rolapp presented three scenarios, with Option 1B recommended as most cost-effective—combining short-term notes in 2026 with long-term bonds in 2030, resulting in approximately $115 million total debt service. This alternative maintains flexibility to still pursue WIFIA funding while ensuring construction timelines aren't delayed by federal uncertainties.
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