Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure Finance topic
No spam. Unsubscribe anytime.
Bloomington council approves $20.3 million sewer bond to fund North Central sanitary line
Summary
The Bloomington City Council approved a $20.3 million sale of general obligation sewer revenue bonds to finance roughly 13,000 linear feet of sanitary sewer for the North Central sanitary project; the sale was awarded to JPMorgan and carried on a 7-0 vote.
The Bloomington City Council on May 18 approved a resolution awarding the sale of general obligation sewer revenue bonds series 2026C, authorizing a principal amount of $20,300,000 to finance the North Central sanitary sewer project.
City staff said the project will place about 13,000 linear feet of sewer pipe and has been in the city's capital improvement program in different forms since 2012. Finance staff reported the winning bid came from JPMorgan; staff noted a 20‑year term and an interest rate near 3.93 percent. Economy Schoeller, a city staff presenter, told the council that the bond sale amount was adjusted after late changes to anticipated state funding.
Why it matters: The bond sale funds a long‑running infrastructure project the city says is necessary for sanitary service in the North Central corridor. Council members highlighted the project’s long history in the CIP and thanked the Bloomington legislative delegation for work on bonding requests.
Council action and details: Council Member D'Alessandro moved the resolution and the council voted 7‑0 to approve awarding the sale. Staff said S&P reaffirmed the city's credit rating and that the city worked with its municipal advisor to size the bonds after a late notice on state bonding results.
Next steps: Staff will proceed with execution and delivery of the bonds and with project procurement and construction scheduling.
