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Brighton plans $85 million bond sale to finish water treatment plant; S&P rating downgraded slightly
Summary
City finance staff and advisors gave a timeline for a 2025 bond sale to fund the Brighton water treatment plant, explained why S&P lowered the city's utility bond rating to AA- and outlined steps including public hearings, rating calls and a February sale window.
Brighton finance staff and municipal advisors told city leaders at a Jan. 14 study session they plan to issue about $85 million in bonds in early 2025 to continue construction of a new water treatment plant set to be online in 2027.
Finance Director Katrina Asher and Hilltop Securities senior managing director Jason Simmons reviewed how the project has been funded so far: the city used its full ARPA allocation of $10.4 million and issued $80 million in bonds in 2022; about $68 million of the 2022 proceeds has been spent and the city plans a second bond issuance in 2025 to keep the project funded. Interest earned on…
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