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Council authorizes $24.63 million sewer‑revenue bond sale for North Central sanitary line project
Summary
Bloomington approved a resolution April 13 authorizing issuance and sale of general obligation sewer revenue bonds (Series 2026C) to fund the North Central sanitary sewer line project; staff said sale is planned for mid‑May with proceeds to be used from the wastewater fund and that state or federal grants would reduce net borrowing if received.
The Bloomington City Council voted 6–0 April 13 to authorize issuance and sale of general obligation sewer revenue bonds, Series 2026C, to fund the North Central sanitary sewer line project.
Finance staff (Laurie Economy) explained the project is necessary to accommodate sanitary flows anticipated from higher‑density redevelopment near the Orange Line and I‑35W, and that the authorization will allow the city to pursue credit‑rating review and finalize a sale in mid‑May. Staff described the project cost as just under $26 million and presented a proposed aggregate principal authorization of $24.63 million to be issued as sewer‑revenue bonds.
Council members asked how potential state or federal funding would be handled during the sale timeline. City staff and legal counsel said the city typically proceeds with a scheduled bond sale and, if grant or appropriations funding arrives, adjusts project funding sources post‑sale and reassigns proceeds among related projects as appropriate. Staff also said the bond repayment pledge is the wastewater fund and that rate planning will reflect debt service in future utility rate work.
Councilmember Robertson moved to adopt the resolution authorizing issuance and sale of the bonds; Councilmember Lowman seconded. The motion carried by roll call, 6–0.
Next steps described by staff: complete credit‑rating review, conduct the sale, bring sale results back to council, and draw bond proceeds approximately one month after sale to start project funding.
