CITY COUNCIL - WORKSHOP
CITY COUNCIL CHAMBERS
220 EAST MOUNTAIN VIEW STREET
BARSTOW, CA 92311
JANUARY 20, 2026
5:15 PM
(HANDICAPPED ACCESSIBLE)
AGENDA
WORKSHOP MEETING
Agenda-January 20, 2026
MAYOR
Timothy R. Silva
COUNCILMEMBERS
Carmen M. Hernandez
James M. Noble
Barbara Mae Rose
John “Tex” Williams
ELECTED CITY CLERK
Andrea Flores
ELECTED CITY TREASURER
Michael Lewis
PLANNING COMMISSIONERS
Juanantonio DeLucas
Paul Niemeyer
Andrew Ziemer
Beatrice Lint
Ted Weasma
BARSTOW FIRE PROTECTION
DISTRICT
A Subsidiary District of the City of
Barstow
Timothy R. Silva
Carmen M. Hernandez
James M. Noble
Barbara Mae Rose
John “Tex” Williams
CALL TO ORDER - WORKSHOP MEETING 5:15 PM
PLEDGE OF ALLEGIANCE:
ROLL CALL:
Council Member Carmen Hernandez
Mayor Pro Tem James Noble
Council Member John “Tex” Williams
Council Member Barbara Rose
Mayor Timothy Silva
PARTICIPATION IS INVITED: IF YOU WISH TO BE HEARD ON ANY
ITEM ON THE AGENDA, PLEASE SO INDICATE BY FILLING OUT A
SPEAKER REQUEST CARD AND HANDING IT TO THE CITY
CLERK PRIOR TO THE AGENDA ITEM BEING ADDRESSED. IF
SPECIAL ACCOMMODATIONS ARE REQUIRED, 48 HOURS
NOTICE MUST BE GIVEN TO THE CITY CLERK.
CODE OF ETHICS: AS YOUR ELECTED GOVERNING BOARD WE
WILL REMEMBER THE "CODE OF ETHICS" THAT WE
VOLUNTARILY AND UNANIMOUSLY APPROVED. DURING THIS
MEETING WE WILL TREAT EACH OTHER AND THE PUBLIC WITH
PATIENCE, CIVILITY, AND COURTESY. THE DECISIONS MADE
TONIGHT WILL BE FOR THE BENEFIT OF THE BARSTOW
COMMUNITY AND NOT FOR PERSONAL GAIN.
Agenda-January 20, 2026
REVIEW AND APPROVAL OF AGENDA: THIS IS THE TIME FOR MEMBERS OF THE GOVERNING BOARD TO CALL FOR REARRANGING THE ORDER OF THE AGENDA; ADDING ITEMS TO OR REMOVING ITEMS FROM THE AGENDA; OR REMOVING ITEMS FROM THE CONSENT CALENDAR FOR DISCUSSION AND/OR SEPARATE ACTION. ITEMS MAY ONLY BE ADDED TO THE AGENDA AS ALLOWED BY STATE LAW, INCLUDING GOVERNMENT CODE SECTION 54954.2, SUBDIVISION (B),
ALLOWING EMERGENCY ITEMS TO BE ADDED BY MAJORITY VOTE AND ALLOWING ITEMS THAT AROSE TO THE CITY’S ATTENTION AFTER THE AGENDA POSTING DEADLINE, BUT WHICH REQUIRE
IMMEDIATE ACTION, TO BE ADDED BY A TWO-THIRDS VOTE OF THE COUNCIL MEMBERS PRESENT
AT THE MEETING, OR, IF LESS THAN TWO-THIRDS OF THE COUNCIL MEMBERS ARE PRESENT, A UNANIMOUS VOTE OF THOSE MEMBERS PRESENT.
PRESENTATIONS:
1. LOCAL MEASURE I TRANSPORTATION SALES TAX REVENUE BOND FINANCING Recommended Action:
Staff recommends the City Council select the preferred financing and direct staff to pursuit the funding option for Capital Improvement funding.
ADJOURNMENT:
Individuals electing to later challenge any items listed herein will be limited to addressing only those issues raised at any public hearing or in written correspondence received by the Governing Board prior to the meeting.
Materials related to an item on this Agenda submitted to the Governing Board after distribution of the agenda packet are available for public inspection in the City Clerk's Office at 220 East Mountain View Ste. A, Barstow, CA 92311 during normal business hours.
The City of Barstow, in complying with the Americans with Disabilities Act (ADA), requests individuals who require special accommodations to access, attend and/or participate in the City meeting due to disability, to please contact the City Clerk’s Office (760) 255-5122, at least one business day prior to the scheduled meeting to ensure that we may assist you.
I hereby certify, UNDER PENALTY OF PERJURY that this agenda has been posted 72 hours prior to the stated meeting in a place accessible to the public.
Posted on the 15TH day of January, 2026.
Approved:
________________________
Rochelle Clayton, City Manager
Joint CC/BFPD Workshop
01/20/26 05:15 PM
Finance
Sydnie Harris
Bond
Doc ID: 6269
AGENDA ITEM
AGENDA MATTER:
LOCAL MEASURE I TRANSPORTATION SALES TAX REVENUE BOND FINANCING EXECUTIVE SUMMARY:
At the November 4, 2025 City Council meeting, the City Council provided comments and requested that staff return with additional information and options related to Street Financing Measure I. In response to that direction, staff has completed its review and analysis and is now returning to the City Council with available options for consideration. This item is intended to facilitate policy discussion and receive direction from the City Council.
DISCUSSION:
Street Financing Measure I was previously discussed by the City Council at its November 4, 2025 meeting. During that discussion, Council Members expressed interest in understanding the available options related to the implementation, structure, and potential impacts of Measure I, and requested that staff return at a future meeting with additional information.
Since that time, staff has conducted further review and analysis to respond to the questions and comments raised by the City Council and to develop a range of options for Council consideration.
These options are intended to provide the City Council with a clearer understanding of potential approaches and considerations associated with Street Financing Measure I.
The options presented are for the City Council to provide direction to staff on how to proceed.
FISCAL IMPACT:
Any potential fiscal impacts will depend on the options selected by the City Council and will be discussed during the workshop.
RECOMMENDED ACTION:
Staff recommends the City Council select the preferred financing and direct staff to pursuit the funding option for Capital Improvement funding.
1 Packet Pg. 3
City of Barstow
San Bernardino County,
California
January 20, 2026
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Packet Pg. 4
Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Overview of Measure I
0.50% sales tax dedicated to transportation projects
Similar to State Sales Tax (tax on sale or use of goods) but based on point of receipt, not point of sale Administered by San Bernardino County Transportation Authority Sunsets March 31, 2040 (Financing assumes final maturity in 2040 too) Revenues generated from each County subarea are directed to projects in that subarea Historical Measure I Receipts
Average: $1,857,000
FY 2025: $1,712,469
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Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Transportation Sales Tax Revenue Financing
Bond Sizing Scenario Analysis: Financing Prepayable in 10 Years Financing Assumptions:
1. Preliminary and subject to change. 2. Analysis assumes current market conditions as of December 8, 2025 and similar credits. 3.Stifel neither guarantees such results nor commits to underwrite at these levels. 4. Cost of issuance and underwriter’s discount are estimates for discussion purposes. 5. Assumes an ‘A+’ underlying rating. 6. Provision/cost of insurance are estimates for discussion purposes. 7. Annual Measure I Receipts reflects FY 2025 revenue.
Based on prior discussions of Council, the 3 scenarios below target different amounts that –after payment of debt service– would be left over for annual street maintenance; here, the financing can be prepaid only after 10 years — Scheduled amortization runs from 2026 to 2040
— Proceeds range from $13.3 million to $8.2 million
Scenario 1 Scenario 2 Scenario 3
Annual Measure I Receipts $1,712,469 $1,712,469 $1,712,469 Annual Debt Service -1,142,469 -962,469 -712,469
Left over for Maintenance 570,000 750,000 1,000,000
Proceeds of Financing for Projects 13,267,000 11,126,000 8,156,000
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Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Scenario 1 Scenario 2 Scenario 3
The same three scenarios are shown below but with the ability to pay off the debt in its entirety anytime, beginning in 1 year (6/1/2027)
— Proceeds decline by between $1.1 million and $680,000 Financing Assumptions:
1. Preliminary and subject to change. 2. Analysis assumes current market conditions as of December 8, 2025 and similar credits. 3.Stifel neither guarantees such results nor commits to underwrite at these levels. 4. Cost of issuance and underwriter’s discount are estimates for discussion purposes. 5. Assumes an ‘A+’ underlying rating. 6. Provision/cost of insurance are estimates for discussion purposes. 7. Annual Measure I Receipts reflects FY 2025 revenue.
Transportation Sales Tax Revenue Financing
Bond Sizing Scenario Analysis: Financing Prepayable in Full in 1 Year Annual Measure I Receipts $1,712,469 $1,712,469 $1,712,469 Annual Debt Service -1,142,469 -962,469 -712,469
Left over for Maintenance 570,000 750,000 1,000,000
Proceeds of Financing for Projects 12,173,000 10,205,000 7,475,000
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Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Scenario 1 Scenario 2 Scenario 3
Or, the City could limit the ability to prepay the financing so that it begins in 5 years (6/1/2031) to only a portion of the financing
— Portion prepayable is the final 10 years (between $8.1 and $5.0 million) — Proceeds decline less (between $430,000 and $274,000) Financing Assumptions:
1. Preliminary and subject to change. 2. Analysis assumes current market conditions as of December 8, 2025 and similar credits. 3.Stifel neither guarantees such results nor commits to underwrite at these levels. 4. Cost of issuance and underwriter’s discount are estimates for discussion purposes. 5. Assumes an ‘A+’ underlying rating. 6. Provision/cost of insurance are estimates for discussion purposes. 7. Annual Measure I Receipts reflects FY 2025 revenue.
Transportation Sales Tax Revenue Financing
Bond Sizing Scenario Analysis: Financing Prepayable in Full after 5 Years Annual Measure I Receipts $1,712,469 $1,712,469 $1,712,469 Annual Debt Service -1,142,469 -962,469 -712,469
Left over for Maintenance 570,000 750,000 1,000,000
Proceeds of Financing for Projects 12,837,000 10,755,000 7,882,000
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Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Financing Team
A number of professionals (lawyers, advisors, bankers, etc.) would assist the City in implementing this financing
Bond Counsel / Disclosure Counsel
Prepares core legal documents and provides opinion certifying that the bonds are valid and legally issued and the interest is exempt from CA and Federal income tax Underwriter
Drafts the offering statement to ensure the City provides complete and accurate information to investors
Municipal Advisor
A fiduciary consultant who assists with evaluating the debt structure, legal provisions, timing of issuance and pricing of the financing to ensure fair terms The investment bank that presents structuring alternatives, manages the marketing and distribution process and, ultimately, purchases the financing for resale to investors
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Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Cost of Issuance Estimate
Service Party Fixed Amount
Bond Counsel Stradling Yocca Carlson & Rauth $85,000
Disclosure Counsel Stradling Yocca Carlson & Rauth 45,000 Municipal Advisor Urban Futures, Inc. 52,500
Rating Standard & Poor's 25,000
Trustee/Trustee Counsel US Bank 7,200
Printer ImageMaster 5,000
Counterparty CSCDA (if needed) 10,000
Contingency Miscellaneous (if needed) 5,300
Total Fixed Costs of Issuance $235,000
Service Party Variable Amount
Underwriter/Sales Commission Stifel Public Finance 100,000 Total Issuance Costs $335,000
*
*Incorporates both fixed and variable components, smaller issuance sizes will be slightly lower ($85k to $100k)
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Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Municipal Advisor Rule Disclosure
Stifel, Nicolaus & Company, Incorporated (“Stifel”) has been engaged or appointed to serve as an underwriter or placement agent with respect to a particular issuance of municipal securities to which the attached material relates and Stifel is providing all information and advice contained in the attached material in its capacity as underwriter or placement agent for that particular issuance. As outlined in the SEC’s Municipal Advisor Rule, Stifel has not acted, and will not act, as your municipal advisor with respect to the issuance of the municipal securities that is the subject to the engagement.
Stifel is providing information and is declaring to the proposed municipal issuer that it has done so within the regulatory framework of MSRB Rule G-23 as an underwriter (by definition also including the role of placement agent) and not as a financial advisor, as defined therein, with respect to the referenced proposed issuance of municipal securities. The primary role of Stifel, as an underwriter, is to purchase securities for resale to investors in an arm’s-length commercial transaction.
Serving in the role of underwriter, Stifel has financial and other interests that differ from those of the issuer. The issuer should consult with its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate.
These materials have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in these materials are achievable or will be available at the time of any contemplated transaction. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith and may not relied upon as an indication that such an offer will be provided in the future.
Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. This material is based on information currently available to Stifel or its sources and is subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel as you deem appropriate.
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Attachment: Barstow Presentation_01.20.2026 vFF (6269 : Local Measure I Transportation
Purpose Beg Balance Annual Pymnt Remaining Bal Fund Source 2021 Lease
Revenue Bonds
Refinance
SBCERA UAL
$ 10,214,472.00 $ 669,787.00 $ 6,631,411.00 103
2022 Pension
Oblig Bonds
Refinance UAL $ 27,805,504.00 $1,966,390.00 $ 21,850,003.00 100 - 92% 102 - 1.3%
103 - .04%
605/650 - 5.8%
Holman Capital
Equip (combined)
Refurbish Engine,
Mechanic Lift,
additional fire
equip, New Type 1
Engine.
$ 2,797,014.00 $ 467,203.00 $ 2,044,600.00 102
Fire Advance
Interfund Loan
w/General Fund
Operating Costs $ 5,817,392.00 $ 500,000.00 $ 3,317,392.00 103 TOTAL $46,634,384.00 $3,603,380.00 $33,843,406.00
DEBT SERVICE 2026
1 100 – General Fund
102 – Measure Q
103 – Measure Q Fire
605 - Wastewater
650 – Solid Waste
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Attachment: COB Debt Service (6269 : Local Measure I Transportation Sales Tax Revenue