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Palm Coast targets $280M utility bond issuance to fund five‑year water and wastewater plan
Summary
City staff outlined a plan to issue about $280 million in utility revenue bonds — part of a roughly $330 million financing package — to fund a five‑year capital improvement program that emphasizes water quality, wastewater capacity and grant‑funding efforts. Council pressed staff on grant performance, timelines and communications about water quality.
Palm Coast City Council workshop — City staff told the council on Jan. 13 that it plans to seek bond authorization next week and to sell utility system bonds in March–April 2026 to fund a multi‑year water and wastewater capital program.
Helena Alks, finance director, introduced Joel Bridal of Hilltop Securities, who described the financing plan as a combination of new‑money borrowing to support projects and a potential refunding of earlier taxable bonds. Bridal said the issuance was initially sized by the council’s earlier rate action and that ‘‘the proposed issuance is expected to be repaid over approximately 30 years’’ and that, as of Jan. 5, total sources/uses were anticipated at about $330,000,000 with roughly $283,000,000 of project proceeds.
Why it matters: The financing will underpin a large infrastructure program that officials say is needed to improve water quality, expand wastewater capacity and meet regulatory obligations. Bridal estimated a blended all‑in true interest cost near 4.44 percent and…
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