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Council approves $30M and $40M bond anticipation notes, selects Truist; approves utility rate increase to fund utility capital work
Summary
Council approved two general obligation bond anticipation notes — $30 million (general fund) and $40 million (utility) — and selected Truist’s 3.49% fixed-rate proposal. Council also approved a 9.5% utility rate increase for FY26, estimated at about $7.50 per month for a typical residential customer, effective Jan. 1.
Petersburg City Council on Oct. 21 approved two general obligation bond anticipation notes to support near-term capital needs and utility infrastructure investments, and approved a utility rate increase to help repay utility-related financing.
Finance advisers and bond counsel presented the financing strategy developed with Davenport and bank proposals received from multiple lenders. Staff recommended Truist Bank’s offer, a fixed interest rate of 3.49% with flexible prepayment terms;…
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