Title
Storm Water Refunding Revenue Bonds
Action
Action:
A. Adopt initial findings resolution that makes certain Statements of Fact concerning the refunding of Revenue Bond Anticipation Notes and Revenue Bonds,
B. Provide for the issuance of Storm Water Services Refunding Revenue Bonds in an amount not to exceed $205 million to refund the 2022 Bond Anticipation Note, 2012 Storm Water Revenue Bonds, and 2014 Storm Water Revenue Bonds, and
C. Authorize City Officials to take necessary actions to complete the financing, including making the application to the Local Government Commission.
Body
Staff Resource(s):
Teresa Smith, Finance
Matt Hastedt, Finance
Mike Davis, Storm Water Services
Explanation
§ This action is replacing short-term debt, the 2022 Bond Anticipation Note (BAN), with long-term permanent debt and
- Refunding approximately $2 million of the 2012 Storm Water Revenue Bonds and
- Refunding approximately $77 million of the 2014 Storm Water Revenue Bonds.
§ In 2022, the city obtained a $125 million BAN to fund projects on an interim basis and planned to convert it to permanent debt at the end of the 24 to 36-month construction period.
§ The projects being funded by this refunding are concentrated in two different areas:
- Storm Drainage Improvement Projects; and
- Surface Water Quality Projects (pollution control and stream restoration).
§ This action will:
- Provide information required for Local Government Commission approval of the financing and
- Permit the City Manager and the Authorized Officers named in the Resolution to take necessary actions to complete the financing and related documentation for the life of the debt.
§ This action does not require any additional rate increases.
Fiscal Note
Funding: Storm Water Debt Service Fund
Attachments
Attachment(s)
Resolution