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Council authorizes up to $258.35 million to refund sewer revenue bonds
Summary
The Metropolitan Council approved an authorization to appropriate up to $258,346,892.84 of bond proceeds and other financing for partial refunding of the 2020A and 2020B sewer revenue bonds. The action was taken without public opposition as a financing measure to potentially reduce interest costs and restructure liabilities.
The Metropolitan Council on Nov. 12 approved Item 64, a resolution authorizing up to $258,346,892.84 of bond proceeds and other financing sources from the sewer system to partially refund the 2020A and 2020B sewer revenue bonds. The item was presented by the environmental services and finance directors and moved and seconded by council members; no members of the public spoke against the appropriation and the motion carried.
Council described the action as a typical refunding step to manage debt service and to take advantage of favorable market conditions. Staff said the appropriation would allow the East Baton Rouge Sewerage Commission and the parish to refinance prior obligations; the motion included authorization for the finance director and environmental services director to work with bond counsel on execution. The council did not discuss specific interest-rate assumptions on the floor; they recorded the motion and carried approval.
What happens next: Bond counsel and finance staff will complete the refunding sale and bring final resolutions or closing documents back to the council as required.
