Committee forwards supplemental resolution to refinance sewer and stormwater bonds

The Public Works Committee on Dec. 9 voted to forward to full council a supplemental resolution (2024-R-130) setting parameters for refunding revenue bonds tied to the City of Huntington combined sewer and stormwater system.

Brian Bracey, Executive Director of the Huntington Water Quality Board, told the committee the supplemental resolution is the final step in a refinancing process intended to merge two utilities. "We're at the final step," Bracey said, adding that bond counsel was present and staff could answer questions.

Miss Walling moved and committee members seconded that the committee forward the supplemental refunding resolution to full council with a favorable recommendation. The motion carried on a voice vote; no opposing votes or formal abstentions were recorded. Mister Jones noted he might not be present at the council meeting later that night but still supported forwarding the item.

The matter will go to full council for final approval; the committee record shows the vote was to recommend the parameters (dates, amounts, maturities, interest rates, redemption provisions and purchase price) for refunding revenue bonds series 2024A to facilitate the merger and refinancing plan.