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Oklahoma City Water Utilities Trust approves up to $175 million bank note to bridge capital needs
Summary
The Trust approved a resolution authorizing up to $175,000,000 in short‑term bank financing to bridge capital needs over the next 18–24 months; PFM adviser Dennis Whaley said Bank of Oklahoma offered the most cost‑effective bank‑note proposal and the transaction is expected to close Nov. 18.
At its Nov. 4 meeting, the Oklahoma City Water Utilities Trust approved a resolution authorizing issuance of short‑term obligations in an amount not to exceed $175,000,000 to support the utility’s five‑year capital program.
Dennis Whaley of PFM, the Trust’s financial adviser, presented the transaction as the final step in the utility’s financing plan to bridge funding needs for the next 18–24 months. Whaley said the utility earlier increased its commercial paper (CP) program from $350,000,000 to $500,000,000, restored CP capacity through an Oct. 23…
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