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Council approves process to sell about $3.2 million in water and sewer revenue bonds to fund 2024 utility capital projects
Summary
The council adopted Resolution 24-17 authorizing the financing process for approximately $3.2 million in water and sewer system revenue bonds (series 2024C) to reimburse 2024 utility capital projects including street reconstructions and wastewater plant upgrades; municipal adviser Brian Weimer described expected sizing and timeline.
The Platteville Common Council on Oct. 22 approved Resolution 24-17, authorizing staff to proceed with the financing process for a water and sewer system revenue bond issue of up to $3.2 million (series 2024C) to fund projects already underway in 2024.
City staff and municipal adviser Brian Weimer said the recommended financing will reimburse capital expenditures included in the 2024 utility capital plan. Projects listed for funding in the presale materials included Soden Street and Grace Street reconstruction ($642,000), Camp Street reconstruction ($595,000), Adams Street reconstruction ($214,000), North Court Street reconstruction ($243,000), a vacuum trailer ($258,000), wastewater-treatment plant sand-filter controls ($750,000) and sludge pumps ($198,000). Weimer said the initial sizing in the presale report was about $3,135,000 after issuance costs and debt service reserve calculations; the resolution uses a not-to-exceed figure of $3.2 million.
Weimer said the sale is planned to go to market with bids on Nov. 26 and, if awarded, funds would be available in mid-December for reimbursement of 2024 expenditures. He summarized the normal rating and bond-counsel steps and noted the city has previously used late-year revenue bonds to reimburse that year's projects.
The council voted to adopt the resolution; the motion was made by Council Member Todd Casper and seconded by Council Member Kathy Kopp. The roll call vote carried.
Why it matters: The bonds will fund multiple street and utility projects the city has already bid or completed in 2024 and will avoid large cash-balance swings on the utility audit by reimbursing capital spending through bond proceeds.
