Authority Reports $370M Bond Sale Oversubscription, Marks Phase 3C Pipeline Opening

The Peace River Manasota Regional Water Authority reported results of a three‑series bond offering and celebrated completion of a key pipeline segment during its Aug. 6 board meeting.

Natalie Sador, the authority's financial adviser from Prag, said the 2025 A/B/C bond sale offered $370 million across three series and drew about $1.45 billion in investor orders — roughly four times the bonds offered. Sador said the largest series funded part of the surface water system expansion and attracted strong interest from institutional and foreign investors. "We had $370,000,000 of bonds among the 3 different series to offer. And there was $1,450,000,000 of orders from investors," Sador said. Reported true interest costs were a little over 5% for the largest series and about 4.84% for the Phase 2B piece; staff presented estimated annual debt service figures for planning.

Separately, staff played a video and noted a valve‑turning ceremony marking the Phase 3C interconnect pipeline completion in June — an approximately 8‑mile, 42‑inch diameter segment expected to deliver up to 10 million gallons per day and to extend the transmission system northward closer to the Manatee County line. County representatives and district leaders highlighted the pipeline as a regional milestone and credited cooperative funding and intergovernmental partnerships for lowering cost shares.

Mike Knowles and other staff also briefed the board on FY2027 Cooperative Funding Initiative applications the authority will submit to the Southwest Florida Water Management District to seek reimbursement and alternative water supply funding for multi‑year CIP projects; the board moved to submit the applications and approved the motion unanimously.

Staff said planning continues for additional financings and construction phases, with future presentations expected to the board as procurement and design milestones advance.