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Council approves incurrence of indebtedness for Water Utilities Trust; trustees to sell bonds Oct. 23
Summary
The council approved a resolution allowing the Oklahoma City Water Utilities Trust to incur indebtedness to refund commercial paper and issue new money bonds. Financial advisers described the refunding and market conditions; ratings were affirmed by Moody's and S&P.
The Oklahoma City Council voted to approve a resolution authorizing the Oklahoma City Water Utilities Trust to incur indebtedness for a planned bond sale that will refund roughly $50 million of outstanding commercial paper and provide about $150 million of new money, city financial advisers told the council.
Dennis Whaley of Public Financial Management, financial adviser to the water utility, presented an overview of the transaction and the debt markets. Whaley said a mini‑RFP selected a Morgan Stanley and BOK Financial Securities underwriting team and that rating agencies had affirmed the utility’s A‑grade rating with a stable outlook. He said the sale was scheduled for Oct. 23 and described the use of proceeds as restoring commercial paper capacity and bridging spending for projects over the next 18–24 months.
Council approved the resolution by recorded vote and met the thresholds required for indebtedness and, separately, for waiving competitive bidding where needed. The council’s approval authorizes the trustees to proceed with the bond sale subject to the final bond documents and market conditions.
The trust and city staff will return with final bond documents and closing details; council members asked for continued communication regarding timing and market conditions.
