Water Utilities Trust approves $500 million commercial paper program, authorizes Atoka pipeline pump station bids and honors Todd Stone

The Oklahoma City Water Utilities Trust on April 22 approved increasing its commercial paper program from $350,000,000 to $500,000,000, authorized advertising bids for the final Atoka pipeline pump station and adopted a resolution thanking Councilman Todd Stone for his service as a trustee.

Dennis Whaley, a financial adviser with PFM, told trustees the documents to expand the commercial paper program were complete and that the trust would publish an offering memorandum later in the week with a planned closing on April 30. "We have completed the documents necessary to increase the size of the program from 350,000,000 to 500,000,000," Whaley said. He said Oklahoma City’s utility entity is rated "AAA" by Moody's and S&P and that the commercial paper program carries short-term ratings of A-1/P-1.

In discussion before the vote trustees noted that the City Council had approved the item earlier that morning. The trust voted to approve the resolution authorizing the issuance of commercial paper notes, and the motion passed unanimously.

Trustees also approved plans and specifications for advertisement for bids for the New Stonewall pump station, part of the Atoka pipeline project. Presenting the item, Mr. Harrer said the pump station is the last of three pump stations needed to complete the Atoka pipeline work and that it will include a balancing tank, surge control measures and pipeline connections to link the adjacent project segments. Trustees approved the plans as presented.

Earlier in the meeting the trust adopted a resolution of appreciation for Todd Stone, noting the trust is a public trust created under Title 60 of the Oklahoma Statutes (1960) and that the City is the sole beneficiary. Amy (staff) read the resolution text, which thanked Stone for four years of service as a council-member trustee of the trust. Stone spoke after the vote and described his appreciation for staff and the scope of ongoing projects, including a recent site visit to pipeline construction. The resolution passed unanimously.

Votes at a glance

- Resolution of appreciation for Todd Stone — motion carried unanimously; no roll-call tally recorded in the meeting transcript. - Approval of minutes from April 8, 2025 — approved unanimously. - Consent docket (10 items, including renewals, pricing agreements, contract awards and amendments) — approved unanimously. - Concurrence docket item 4A (roadway project near Wilshire and Kelly; no AWQA funds involved) — approved unanimously. - Item 6A (WC1010 Atoka pipeline, New Stonewall pump station: advertise plans/specifications for bids) — approved. - Item 6B (resolution authorizing issuance and improvements for commercial paper notes, Series A and Series B, increasing program from $350,000,000 to $500,000,000) — approved; trust noted City Council had acted earlier that day.

The trust had no emergency construction contracts on the agenda and adjourned after routine reports and presentations.