Wilmington advances up to $75 million bond issuance and $15 million stormwater refunding
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Summary
Council approved proceeding with up to $75 million in limited-obligation bonds (including up to $25 million new debt and up to $50 million refunding) and a separate $15 million stormwater fee refunding; staff outlined estimated savings and the calendar for Local Government Commission review and pricing.
The Wilmington City Council voted unanimously to proceed with a second phase of debt issuance that would allow the city to issue limited-obligation bonds not to exceed $75,000,000 and to authorize up to $15,000,000 in stormwater fee refunding bonds.
Finance Director Martha Wayne summarized the financing: up to $75 million in limited-obligation bonds, with up to $25 million for new borrowing (largely for a parks maintenance facility and street and sidewalk rehabilitation) and up to $50 million available for refunding existing series to generate savings. Wayne cited estimated savings tied to prior series (roughly $340,000 and $1,400,000 as presented) and explained the issuance timeline: Local Government Commission review at its first April meeting, pricing toward April 22, and planned close in May. Wayne said the refinancing portion can be delayed if market conditions change.
On a separate but related item, Wayne presented a resolution authorizing stormwater fee revenue refunding bonds not to exceed $15,000,000 with no new debt associated and estimated savings of roughly $750,000. The council approved both items unanimously.
What happens next: Staff will present the financing to the Local Government Commission in early April and proceed to pricing and closing if market conditions remain favorable.
