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Lacey council approves ULID 25 bond to reimburse Ptomey Estate sewer work

City of Lacey City Council · March 4, 2026

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Summary

Council unanimously adopted Ordinance 1696 on March 3 authorizing a $224,060.45 ULID bond at 4.4% for 15 years, sold internally to the LID Debt Fund to reimburse the wastewater capital fund for the Ptomey Estate sewer project.

Acting Financial Services Manager Chelsea Knight told the City Council that Ordinance 1696 would authorize issuance of a ULID 25 bond in the amount of $224,060.45 at a 4.4% interest rate over 15 years to reimburse the wastewater capital fund for the Ptomey Estate sewer project.

Knight said staff worked with bond counsel and a placement agent and conducted a market review on Feb. 27 to confirm the 4.4% rate. Council member (moved) and another council member (seconded) put the ordinance to a vote; the motion carried unanimously.

The ordinance authorizes sale of the bond to the city’s LID Debt Fund and fixes the form and terms of the water and sewer revenue bonds. Chelsea Knight thanked the council for the adoption; no amendments or conditions were recorded at the meeting.

The ordinance takes effect under the terms spelled out in the ordinance language and will reimburse the wastewater fund for costs tied to the Ptomey Estate sewer project.