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Council approves preliminary steps to issue $251M in water revenue bonds; staff outlines affordability and coverage impacts
Summary
The council approved distribution of a preliminary official statement and related steps for a proposed $251 million senior water revenue bond (2025A) to refund commercial paper used for water capital projects. Staff reported debt‑service projections and coverage ratios and noted Moody’s and Fitch ratings with negative outlooks.
City finance staff presented and the council approved preliminary steps on July 22 to issue approximately $251 million in senior water revenue bonds (Public Facilities Financing Authority and City Council items). The financing would refund about $250 million of commercial paper used to pay water capital improvements over recent years and cover issuance costs.
Staff said interest rates used for planning were 4.49% (as of June 27, 2025) and estimated annual debt…
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