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Finance director outlines $13.9 million stormwater bond plan approved by voters; timeline set for March sale
Summary
City finance officials described plans to issue up to $13.9 million in general obligation bonds for stormwater drainage and flood management projects; officials expect a Standard & Poor’s rating decision by March 10 and to go to market March 20 with settlement around April 3.
City finance staff and advisors gave council an overview Feb. 10 of plans to issue up to $13.9 million in general obligation bonds for stormwater drainage and flood management projects authorized by voters last November.
Joe Donnelley, the city’s finance director, said the bond proceeds will fund urban drainage projects, stream stabilization, park drainage improvements and the purchase of street sweepers. Colleen Duncan of Gilmore & Bell, the city’s bond counsel, told the council the ordinance is consistent with prior general obligation forms and delegates authority to city staff and the finance director to finalize bond terms in connection with the sale.
Scott Keane of Piper Sandler, the city’s municipal advisor, said the city is planning a 20-year amortization for the bonds and estimated average interest rates in the current market between about 3.7% and 3.9%, producing annual debt service roughly in the range of $1.0 million to $1.15 million. Keane said the city has submitted documents to Standard & Poor’s for a rating; staff expects a rating decision by March 10, plans to go to market March 20 and expects settlement and delivery of proceeds around April 3, assuming necessary financial statements (the 2024 ACFAR) are completed promptly.
No public testimony was recorded on the item during the meeting.
