City Council Agenda
Memo to:
Manteca City Council
From:
Matthew Boring, Director of Finance
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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Hold a public hearing on the financing of the construction of a new Police Department building and Fire Station No. 6 (the “Project”); and adopt a resolution approving, authorizing and directing execution of certain lease financing documents and directing certain related actions in connection with financing capital improvements.
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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.
Staff is now seeking City Council approval for the issuance by Manteca Financing Authority (the “Authority”) of 2026 Lease Revenue Bonds (the “Bonds”) to generate $57.7 million in bond proceeds to finance a portion of the Project.
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 construction and furnish the Police Department building is $75.0 million. The Government Building Facilities Fees are expected to con...
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