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Trusters approve preliminary steps for long-term bond to raise CIP capacity
Summary
Trustees approved a resolution directing staff to begin preparations for a long-term fixed-rate bond issue to refund outstanding commercial paper and raise new construction funds for the water utility’s capital improvement program.
The Oklahoma City Water Utilities Trust on Aug. 26 approved a resolution authorizing the general manager designate to begin preparatory work for a long-term fixed-rate bond sale to refund commercial paper and raise new money for construction spending.
The action comes as the utility looks to increase its ability to let large, multi-year construction contracts for the capital improvement program (CIP). Dennis Whaley, the utility’s financial adviser with PFM, told trustees the utility expects about $2.7 billion in CIP spending over the next five years and roughly $6 billion over 10 years, and that several large projects are driving the need for additional appropriation capacity.
Whaley said the Atoka pipeline project accounts for about $348 million in expected spending and the Deer Creek water/wastewater treatment plant about…
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