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Staff reports possible late-June WIFIA draw, bond timeline; committee approves Harwood Township LOA payout of $11,820
Summary
Staff reported no WIFIA draw this month but said a draw of about $70 million is likely in late June or early July; the committee also approved a $11,820 lump-sum payout to Harwood Township to close out a deferred loss-tax payment agreement.
John Shockley told the Diversion Authority Finance Committee the authority did not make a WIFIA draw in May because developer invoices arrived later than anticipated, and staff now expects a WIFIA draw of roughly $70 million in late June or early July.
"We did not make a draw this month...we will be making a draw from WIFIA likely in later late part of June, early part of July. That'll probably be in the amount of about $70 million," Shockley said. He also walked the committee through next steps on a temporary subordinated sales tax bond: committee and board authorization to release a preliminary official statement will be requested next month, two small 2014 capital-improvement bonds are planned for refunding in June, and staff will seek authority in July to go to market with a parameters resolution, with anticipated closing of the subordinated sales tax bond in August.
Separately, Shockley presented a close-out of the letter of agreement with Harwood Township for deferred annual loss-tax payments. Harwood requested a lump-sum payout of the remaining amount due; staff recommended the payout of $11,820 to close out the agreement. The committee moved, seconded and approved the payment by roll call.
The updates were provided as information-only items except for the Harwood Township agreement, which was an actionable approval. Staff said they will return in subsequent meetings with requested authorizations related to the subordinated sales tax bond.
