Description
Title: To provide for the issuance of general obligation public improvement refunding bonds of the City of Richmond, Virginia, in the maximum principal amount of $42,085,000 to refund all or portions of certain general obligation bonds previously issued by the City, and to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell such refunding bonds for such purpose, to provide for the form, details and payment of such bonds, and to authorize the issuance of such bonds as either federally tax-exempt or federally taxable bonds, or
Summary
On February 9, 2026, the City of Richmond introduced Resolution No. 2026-R011, which authorizes the issuance of up to $42,085,000 in general obligation refunding bonds. This legislation aims to refund portions of previously issued Series 2015B bonds, originally used to finance capital improvement projects, thereby potentially achieving debt service savings. The Director of Finance, with the Chief Administrative Officer's approval, will determine which bonds to refund based on market conditions. The resolution allows for both tax-exempt and taxable bonds, enhancing financial flexibility. A public hearing is scheduled for February 23, 2026, making this initiative significant for managing the city's debt and optimizing financial resources.