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Council approves water revenue bonds and refunding to refinance commercial paper and capture savings
Summary
The council and Public Facilities Financing Authority authorized issuance of water revenue bonds (up to $150 million new-money) and refunding of 2016 bonds to achieve estimated net present value savings of ~13% (about $46.4 million). The bond package will pay down commercial paper used for water capital projects.
City finance staff asked the City Council and the Public Facilities Financing Authority Feb. 24 to authorize issuance of water revenue bonds that would both refinance outstanding 2016 bonds and provide up to $150 million of new money to retire commercial paper funding the water utility's capital program.
Jyoti Pantlu, assistant director in the Department of Finance, and municipal-advisor representatives described the structure: bonds to be…
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