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Warrenton targets August bond sale for wastewater treatment work
Summary
City staff told the budget committee they plan to sell the GO bond for the wastewater treatment plant in August and are coordinating advisers and counsel to time the sale for best rates; a public record request for underwriting was noted as premature.
City finance staff told the budget committee the wastewater treatment facility bond will be a priority in the coming fiscal year and that staff are coordinating advisers and bond counsel to place the general-obligation bond on the market.
"We are anticipating this going up for sale in August," the budget officer said. Staff said they are working with multiple financial advisers and that timing must balance market conditions and county deadlines for property-tax assessments. County staff have agreed to extend some submittal deadlines through the end of August to allow the city a slightly longer window.
Staff also warned that some documents (such as underwriting material) do not yet exist and that a public-record request for underwriter information is premature because the bond has not been sold. The committee noted the tight schedule and the need to coordinate closely with advisers to avoid a funding gap between retiring loans and the new bond.
Next steps: staff will continue work with bond counsel and financial advisers, return with details to the commission and seek final budget adoption to enable sale and debt-service planning.
