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Wilmington advances up to $75 million bond issuance and $15 million stormwater refunding
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…
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