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Hot Springs officials outline $72.5 million wastewater bond plan, note credit downgrade and pricing implications
Summary
City staff presented a proposed ordinance to issue up to $72.5 million in wastewater revenue bonds to fund sewer system improvements, discussed a two‑notch downgrade of the sewer credit rating and said pricing will be set next week.
City of Hot Springs finance staff and bond advisors told the board at an agenda meeting that the city plans to ask the Board of Directors to consider Ordinance O25‑07 next Tuesday, authorizing up to $72,500,000 in wastewater revenue bonds to finance improvements to the city's wastewater system.
Finance Director Karen Scott and bond advisor Robert (Bob) Wright reviewed the proposal, saying the bonds would fund treatment‑plant work, gravity mains, force mains and pump station upgrades. The draft offering allows for a debt service reserve in a maximum principal amount of $7,250,000 in the form of a surety bond or similar instrument. The board was told a pricing session is planned for the following Tuesday and that a March 27 closing date is targeted.
Why it matters: the measure would supply the construction funds…
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