The Wayzata City Council on Tuesday unanimously approved the first reading of Ordinance No. 855 and adopted Resolution No. 03-2026, advancing the financing plan for the city’s next fire department ladder truck—a major public safety investment nearly four years in the making.
The actions authorize the issuance and sale of General Obligation Equipment Certificates, Series 2026A, to fund the purchase of a new ladder truck expected to arrive in late March or early April.
Replacing a 1996 Ladder Truck
City Manager Aurora Yager explained that the department’s current ladder truck dates to 1996 and has exceeded its estimated 25-year useful life. The City Council approved the purchase order for a replacement in 2022, but industry-wide manufacturing delays pushed delivery well beyond initial expectations.
Because ladder trucks are among the most expensive pieces of municipal equipment, the new truck carries a price tag of approximately $1.43 million, with the total equipment certificate issuance estimated at $1.55 million to cover issuance and interest costs .
Why Debt Financing?
Yager also told council members that issuing debt allows the city to preserve liquidity, protect fund balances, and spread the cost over time rather than absorbing the entire expense in a single budget year.
The certificates are structured over 10 years, with interest-only payments in 2027 followed by principal and interest payments thereafter. If future levies remain otherwise flat, the projected impact on the property tax levy would be:
- About a 1% increase in 2027
- An additional 1.5% increase in 2028
- A total long-term levy impact of approximately 2.5% over the life of the debt .
Next Steps in the Process
The financing plan now moves through a defined timeline:
- January 20: Second reading of Ordinance No. 855
- Late January: Credit rating call, with staff expressing confidence in reaffirming the city’s AAA bond rating
- February 10: City Council consideration of awarding the sale of the certificates
- March 3: Estimated closing date and receipt of bond proceeds .
A representative from the city’s municipal advisor, Ehlers & Associates, is expected to continue assisting the city through the sale process.
A New Truck—and a Celebration
Council members also discussed plans to formally welcome the new ladder truck once it arrives. Staff indicated that a public ceremony is planned, including a traditional fire service commissioning—often involving the ceremonial transfer of water from the old truck to the new one.
Both motions—the first reading of Ordinance No. 855 and adoption of Resolution No. 03-2026—passed 5–0, signaling strong council support for the investment in Wayzata’s fire protection capabilities .