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Administration introduces preliminary $450 million water and sewer bond parameters; staff outlines timetable and legal steps
Summary
County staff presented a preliminary bond resolution on Feb. 25 to authorize up to $450 million of water and sewer revenue bonds (series 2025), a maximum interest rate of 6% and up to 30‑year maturities. Staff described the municipal bond sale process, required offering documents, bond validation and the need for timely board action on pricing.
Finance staff and municipal bond counsel presented a preliminary resolution on Feb. 25 that would authorize the county to seek issuance of water and sewer revenue bonds in an aggregate principal amount not to exceed $450,000,000, with a maximum interest rate of 6 percent and maximum maturity extending to 2055 (a 30‑year structure). The presentation stressed that the resolution is a parameters or “presale” action that enables staff to prepare offering documents and begin the bond validation process; it does not yet finalize sale terms.
What staff explained
• Purpose and parameters: the proposed preliminary resolution establishes the maximum principal amount ($450M), a maximum…
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