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Council authorizes $1,074,000 sewer refunding bonds; staff says no new debt
Summary
Brenda Moore told the council the city will refund and split older combined water-sewer bonds, issuing a sewer refunding bond of up to $1,074,000 with the same interest and payment schedule; the council approved the parameters resolution unanimously.
City finance staff explained a plan to refund and separate older combined water-sewer debt into distinct water and sewer refunding bonds so each utility is responsible only for its own debt. Brenda Moore said the sewer refunding parameters call for issuing no more than $1,074,000 in sewer revenue refunding bonds (series 2026) with the same interest rate and payment schedule as the older bonds.
Moore emphasized the transaction is not new debt but a restructuring: "No new debt. All's we're doing is splitting the general indenture," she said. The council approved the parameters resolution and later formally approved the resolution authorizing issuance; roll-call votes recorded unanimous approval.
