Title
Storm Water Revenue Bond Refunding
Action
Action:
A. Adopt a bond order and resolution that makes certain Statements of Fact concerning the refunding of Revenue Bond Anticipation Notes,
B. Provide for the issuance of Storm Water Services Revenue Bonds in an amount not to exceed $116 million to refund the 2018 Bond Anticipation Note,
C. Authorize City Officials to take necessary actions to complete the financing, including making the application to the Local Government Commission, and
D. Adopt a budget ordinance appropriating $116 million to the Storm Water Debt Service Fund.
Body
Staff Resource(s):
Kelly Flannery, Finance
Mike Davis, General Services
Explanation
§ This action is replacing short-term debt, the 2018 Bond Anticipation Note (BAN), with long-term permanent debt.
§ In 2018, the city obtained a $115 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 does not require rate increases.
Fiscal Note
Funding: Storm Water Debt Service Fund
Attachments
Attachment(s)
Bond Order
Resolution
Budget Ordinance