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Council approves $7.79 million water refunding bonds resolution
Summary
The council authorized issuance and sale of up to $7,791,000 of water revenue refunding bonds (series 2026) as staff explained the split from legacy combined debt; council clarified motion language and voted unanimously.
Following the sewer bond parameters, the council considered the parallel water refunding. Brenda Moore said the water bond would be approximately $7,791,000 with a roughly 1% interest figure in the parameters resolution; the plan is to retire the older combined bonds and reissue separate water bonds with the same payment schedules.
Council members raised a procedural point about wording (authorizing issuance vs. approving the resolution); the wording was clarified and the resolution approving issuance was adopted unanimously. Moore reiterated that the transaction is a split of an old joint indenture and not new borrowing.
