Joint Special Council/BFPD
11/4/25 06:00 PM
Finance
Sydnie Harris
Bond
Doc ID: 6174
AGENDA ITEM
AGENDA MATTER:
LOCAL MEASURE I TRANSPORTATION SALES TAX REVENUE BOND FINANCING EXECUTIVE SUMMARY:
On September 16, 2025 the City Council was presented with the available financing options for procuring funding toward streets and roads Capital Improvement Projects from the Finance Department and a consultant from Urban Futures, Inc. Direction was given to return to Council with the Local Measure I Sales Tax Revenue Bond Financing present at different levels of committed revenue.
DISCUSSION:
Based on current interest costs of 3.47% and Measure I annual revenue of $1,806,119, the following are the debt service commitments to procure financing for streets and roads capital improvements; Debt Service Constraint 750,000 1,000,000 1,204,080
Surplus Measure I 1,056,119 806,119 602,040
Final Maturity 6/1/2040 6/1/2040 6/1/2040
Par Amount 8,040,000 10,740,000 12,930,000
True Interest Cost 3.38% 3.38% 3.38%
Deposit to Project Fund 8,564,218 11,548,892 13,970,865 FISCAL IMPACT:
If approved, the Local Measure I Transportation Sales Tax Revenue Bond Financing will provide the City of Barstow with the potential proceeds of up to $13,970,865, with and annual debt service not to exceed $1.2 million over 14 years.
RECOMMENDED ACTION:
Staff recommends the City Council select the preferred financing and direct staff to pursuit the funding option for Capital Improvement funding.