City Council Agenda
Memo to:
Manteca Financing Authority Board of Directors
From:
Matthew Boring, Treasurer
Date: October 20, 2026 Subject: Issuance of 2026 Lease Revenue Bonds to Finance a Portion of the New Police Department Building and Fire Station No. 6
Recommendation:
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Adopt a resolution of the governing Board of the Manteca Financing Authority approving, authorizing and directing the issuance and sale of Lease Revenue Bonds in an amount not to exceed $65 million to assist the City of Manteca in financing capital improvements, and approving related documents and actions.
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Background:
The city has discussed the need for new public safety facilities because of population growth and increased service needs. At its October 6, 2026 meeting, the City Council received an informational presentation on a proposed funding plan for the construction of a new Police Department building and Fire Station No. 6 (the “Project”), including the use of impact fees, Measure Q funds, and lease revenue bond proceeds.
Financing a portion of the Project with lease revenue bond proceeds provides construction funds upfront (avoiding further rising construction costs) and spreads repayment over years of facility use, while adding interest and financing costs. The city expects to use certain earmarked, but not pledged, Measure Q revenues toward lease payments supporting debt service.
The Manteca Financing Authority (the “Authority”) was established on May 1, 1991 with the authority to assist in the acquisition and financing of public capital improvements on behalf of the city. The city seeks to finance a portion of the Project through the Authority’s issuance of 2026 Lease Revenue Bonds (the “Bonds”) to generate $57.7 million in bond proceeds.
Discussion:
Project Cost and Funding Plan
The City opened bids for the Police Department building construction, with bids ranging from $52.8 million to $63.0 million. The estimate to complete cons...
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