Council Roundup: Smart debt management

Plus, legislative priorities and cricket in Bellevue discussed

On Monday, the City Council received a report with details about refinancing certain bonds held by the city, which could result in significant cost savings in the current market environment.  

The city issued limited tax general obligation bonds in 2012 and 2013 to fund various projects within the city’s Capital Investment Program and to refund outstanding bonds. Bellevue regularly monitors its debt portfolio to find opportunities for cost savings for the city and taxpayers. With current rates seen in the last several weeks, refinancing the 2012 bonds would save 23% of the net present value and refinancing the 2013 bonds would save about 9%.

Councilmembers voted unanimously to proceed with exploring the refinancing options. Full details are available in the meeting materials.

Legislative priorities

In other business, the council reviewed the draft legislative agenda for the 2022 session of the Washington State Legislature. Bellevue’s legislative agenda outlines primary areas of focus and priorities for funding among the various issues being addressed during the session. 

The agenda is developed with input from councilmembers, partners and other community stakeholders. Key topics highlighted in the agenda this year include economic vitality and continued COVID-19 recovery, social and criminal justice, transportation investments including the I-405/SR 167 corridor, housing and human services, environment, and fiscal sustainability and local control. 

Councilmembers unanimously voted to adopt the draft 2022 State Legislative Agenda. The full agenda and background can be found in the meeting materials

Cricket in Bellevue

The council also received a proposal brought forth by Councilmember Janice Zahn for the city to assess feasibility and resources required to potentially use city property to build a cricket facility and event venue with surrounding stadium seating. 

Proponents of the sport of cricket came to the council in October with a presentation on the local demand and talent for the game. The group specifically identified a Bellevue Utilities-owned property within Marymoor Park as a potential field site. According to supporters, the potential facility would increase the chances of having a Major League Cricket team, support hosting the 2024 Cricket World Cup and provide a long-term training ground for cricketers on the Eastside. Other outlined benefits touched on economic development and tourism.

The council unanimously supported further research into the cost and feasibility for a cricket facility. The full council discussion is available on Bellevue Television replay.

Source: City News