Title
Storm Water Refunding Revenue Bonds
Action
Action:
A. Adopt a bond order and resolutions authorizing and approving refunding of Revenue Bonds and Revenue Bond Anticipation Notes and calling for execution and delivery of various documents necessary to complete the sale,
B. Provide for the issuance of Storm Water Services Revenue Bonds in an amount not to exceed $205,000,000 to refund the 2022 Bond Anticipation Note, 2012 Storm Water Revenue Bonds, and 2014 Storm Water Revenue Bonds, and
C. Adopt a budget ordinance appropriating $205,000,000 to the Storm Water Debt Service Fund.
Body
Staff Resource(s):
Teresa Smith, Finance
Matt Hastedt, Finance
Angela Charles, Charlotte Water
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 Storm Drainage Improvement Projects.
§ This action does not require any additional rate increases.
Fiscal Note
Funding: Storm Water Debt Service Fund
Attachments
Attachment(s)
Bond Order
Resolution
Budget Ordinance