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Arlington council approves financing measures for water, stormwater and airport projects
Summary
Council approved staff requests to issue water and wastewater revenue bonds, municipal drainage bonds, and certificates of obligation for airport projects; staff reported a $53 million water bond sale and credit‑rating affirmations from Moody’s and Fitch.
The Arlington City Council on June 10 approved measures to authorize the sale of municipal debt to fund water, wastewater, stormwater and airport capital projects.
A city finance official identified as the treasurer told the council the city plans to issue $53,000,000 in water and wastewater system revenue bonds with a planned sale date of June 25. The treasurer reported Moody’s reaffirmed a Aa1 rating for the city’s water bonds and Fitch affirmed its rating on the water program; staff said S&P ratings for the stormwater bonds were still pending while Fitch had affirmed a triple‑A rating on the stormwater bonds.
Separately the council approved a notice of intent to issue certificates of obligation of up to $12,000,000 to finance airport projects to open the west side of the municipal airport for hangar apron development and street access. The treasurer said the CO authorization is a maximum issuance and that staff will pursue grants to reduce the amount of debt actually issued.
Councilmember Gonzales moved to approve the bond and CO items; Councilmember Hunter seconded the motion and the council adopted the measures.
Staff did not present final sale terms on June 10; the treasurer said rating agencies have affirmed key credit ratings and that market sale details will be set by staff prior to closing.
