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FPUA outlines plan for $75M revenue bond to fund conveyance, electric upgrades and fiber
Summary
FPUA staff described a planned Series 2026 revenue bond issuance of about $75 million to pay for wastewater conveyance, electric capacity enhancements, fiber expansion and storm hardening; staff outlined next steps for financing work.
During the FY2027 budget presentation the Fort Pierce Utilities Authority described plans to pursue a revenue bond issuance (Series 2026) of roughly $75,000,000 to fund major capital projects including wastewater conveyance, electric enhancements, fiber expansion and storm hardening.
Finance staff said Raftelis (rate consultant), bond counsel and the engineering team (Dewberry) will prepare the scope, financial models and an engineering report in the coming months. Staff noted that bond proceeds are proposed to fund conveyance system work, electric system upgrades, AMI completion and a monitoring well in the wastewater area, and include a $5,000,000 allocation for FPUA net (fiber expansion).
Officials emphasized these steps are preparatory; the board approved the FY2027 budget that builds the debt service assumptions into the plan but no bond issuance was finalized at the meeting. Staff said work with financing teams and publication of required engineering and fiscal reports will follow before any bond sale.
