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Tampa Bay Water board approves $292M new-money issuance and refunding plan
Summary
The board authorized a supplemental bond resolution to issue up to $325M in new-money 2026-A bonds (approximately $292M expected to fund CIP projects) and refund portions of the 2016 A bonds via 2026-B refunding bonds; staff and advisors said the plan should produce net present-value savings and maintain credit quality.
The Tampa Bay Water board on July 20 approved a supplemental bond resolution authorizing the issuance of 2026-A and 2026-B revenue bonds to fund capital projects and refund eligible 2016-A maturities. PFM Financial Advisors presented the financing structure and said the 2026-A bonds are expected to fund about $292 million of the authority’s capital-improvement plan and be structured over approximately 30 years to reduce annual-rate impacts.
Bond counsel summarized the resolution’s financial parameters: series 2026-A would not be issued above a $325 million par cap with a true-interest-cost cap of 5.5% and a final maturity no later than Oct. 1, 2056; series 2026-B would not exceed $100 million with a TIC cap of 4.5% and require present-value savings of at least 3% for refunded 2016-A maturities. PFM said refunds could yield about $7.8 million in NPV savings, and staff said member governments’ strong credit profiles support the issuance. The board voted unanimously to approve the resolution (resolution referenced as 2026-002 in the presentation).
