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Council delegates authority to issue up to $29 million in water/sewer revenue bonds for operations facility
Summary
The council unanimously approved Ordinance 2918, delegating authority to city officers to finalize sale of up to $29 million in water/sewer revenue bonds for the public works operations facility, with parameters for maturity and maximum interest.
Sumner City Council unanimously approved Ordinance 2918, delegating authority to city officials to complete the sale of water/sewer revenue bonds to finance the utility portion of the new public works operations facility.
Chief Financial Officer Cassandra Raymond introduced the ordinance and said the city had guests virtually: Dave Traegaser (underwriter, D.A. Davidson) and Cynthia Weed (bond counsel, K&L Gates). Raymond said the ordinance covers the city's February 2025 water/sewer revenue bond issuance for the facility and delegates authority to named city representatives (the mayor, the city administrator, the deputy city administrator, and the CFO) to finalize the sale within specified parameters.
Raymond said the ordinance sets a maximum aggregate par of $29,000,000; a final maturity not later than 30 years from issuance; and a maximum interest rate and true interest cost not to exceed 6%. She said the authority granted under the ordinance will expire in February (the ordinance text specifies an expiration date). The CFO said the city expects closing in April 2025 and will report final terms to the council after the issuance closes.
Council member Reinke moved adoption of Ordinance 2918; Council member Kenna seconded. The roll call vote was unanimous and the ordinance passed.
Raymond said the delegation ordinance is the only council action needed to finalize issuance; staff will return after closing to report the final terms to council and proceed with construction of the facility.
