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File #: 15-13732    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 7/7/2020 In control: City Council Business Meeting
On agenda: 7/27/2020 Final action:
Title: Storm Water Revenue Bond Refunding
Attachments: 1. Bond Order - Charlotte Storm Water Fee Revenue Bonds, Series 2020 rev2, 2. Resolution (Combines Findings and Approvals) - Storm Water Fee Revenue Bonds, Series 2020 rev2, 3. Storm Water BAN Budget Ordinance

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