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Council approves financing plan to refinance old wastewater bonds and issue $30M for plant projects; no immediate rate increase

5969318 · October 21, 2025

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Summary

Council authorized issuance of new wastewater bonds to refinance prior debt and to raise up to $30 million for wastewater projects; staff said the action was included in recent rate studies and will not increase current rates beyond those projections.

The City Council adopted a resolution authorizing financing and refinancing actions for the city’s wastewater system, including refunding prior bond series and issuing up to $30 million in new debt to fund planned treatment-plant and collection-system projects.

Interim Finance Director Matt Boring told the council the refinancing of bonds issued in 2012 will reduce reserve requirements and generate estimated savings of more than $3 million over the remaining life of the existing obligations. The new-debt proceeds — roughly $30 million — would fund capital projects planned for completion within three years, including a dewatering centrifuge for Unit 3, a sludge thickener, side-stream treatment, an effluent-equalization pond liner and SCADA and collection-system improvements.

Boring said the bond issuance will not change utility rates beyond amounts already assumed in the rate study the council adopted earlier; the debt service for the new bonds was included in the water/wastewater rate assumptions. The council heard questions about term, payoff of prior series and how savings will be realized; bond advisors and underwriters were present to answer technical questions.

Council Member Morwitt moved approval; Council Member Breitenbucher seconded. The motion carried 5-0. Staff said issuance documents will be executed and the financing authority previously approved a related item earlier in the meeting.