2028 General Obligation Bond Program size and non-profit partner requirements

At a glance

What: Report of the Fiscal Capacity Committee on a potential 2028 GO bond program; requests approval of program size and proposes requirements for non-profit partners seeking inclusion.
Where it stands: presented October 13, 2026. The committee recommends $575 million with no increase in the secondary property tax rate. No vote on the size or the requirements; instead the council voted 8-1 to have staff meet non-profits and the committee study a water bond in 2027 and a $600 million to $650 million 2028 program (see Water Infrastructure Bond for 2027).
Next: staff feedback sessions with non-profits and revised guidance, possibly back before Thanksgiving. Letters of interest are due January 4 and final submissions March 1.

Chair Butler: $575 million is deliverable, keeps credit ratings and does not raise the rate. Presented by Gregory: secondary rate about 77.5 cents per $100, about $145 million a year in debt service; $559 million in 2028 equals $500 million in 2023 buying power.

One proposal per organization; the organization funds day-to-day operations and maintenance; cost overruns handled by cutting scope, partner funding or cancellation; funding agreement before work starts; cost share encouraged with no minimum. Presented by Mertz.
Non-profit leaders said they received it within 48 hours and asked for time to meet staff without moving the dates.

About 27 minutes across 1 meeting (from transcript timestamps; approximate).

Meeting	Minutes
2026-10-13 - City Council Policy Session	27

2026-10-13 - City Council Policy Session - Committee recommended $575 million; staff presented draft non-profit requirements; four public speakers (water and non-profit timing). No vote on size; council directed further work (8-1).
2026-10-22 - Page created from a posted agenda; no meeting transcript processed yet.