Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Collier County board approves raising commercial paper cap to $300 million for water and sewer interim financing
Summary
The Board of County Commissioners, acting as the ex officio governing board of the Collier County Water & Sewer District, approved a resolution to increase the district's commercial paper borrowing capacity from $200 million to a not-to-exceed $300 million as interim gap financing; staff said no draws have been made to date and the authorization preserves flexible, low-cost short-term funding.
The Collier County Board of County Commissioners voted on April 14 to repeal and replace a prior resolution and raise the Collier County Water & Sewer District's authorized commercial paper borrowing capacity to a not-to-exceed principal amount of $300,000,000.
Katrina Ling, financial operations manager for Public Utilities, told the board the action is an interim step to bridge timing gaps between project expenditures and longer-term bond financing. She said the program does not trigger immediate borrowing, that no draws have been made to date and that raising the cap preserves flexible access to short-term, low-cost funds when needed.
"This request builds on a series of actions since 2023," Ling said, adding the finance committee recommended the increase in light of anticipated capital-program needs and the county's rate study in coordination with its financial advisor, PFM.
Commissioner Bert Saunders moved approval of the resolution; the motion was seconded and approved by voice vote. Staff said the action authorizes execution of loan notes, related documents and any necessary budget amendments to implement the program.
Next steps: the authorization preserves the county's ability to issue commercial paper as interim funding; issuance and any draws would be at staff discretion and would follow standard financing approvals and budget processes.
