Title
Water Sewer Refunding Revenue Bonds
Action
Action:
A. Adopt a bond order and resolutions authorizing and approving refunding of 2015 Water and Sewer Revenue Bonds not to exceed $210,000,000 and calling for execution and delivery of various documents necessary to complete the sale,
B. Adopt a budget ordinance appropriating $210,000,000 to the Charlotte Water Debt Service Fund, 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
Angela Charles, Charlotte Water
Explanation
§ In 2015, Water and Sewer revenue bonds were issued totaling $459,585,000.
§ This refunding will achieve economic savings resulting in a decrease in annual debt service expense for Charlotte Water.
§ This action will:
- Refund all callable outstanding maturities that would generate economic savings of the 2015 Water and Sewer Refunding Revenue Bonds not to exceed $210 million;
- Provide information required for Local Government Commission approval of the financing;
- 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; and
- Appropriate the bond proceeds to the Water and Sewer Debt Service Fund.
§ This action does not require any additional rate increases.
Fiscal Note
Funding: Charlotte Water Debt Service Fund
Attachments
Attachment(s)
Bond Order
Resolutions
Budget Ordinance