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Council approves sale of Waterworks and Sewer System revenue bonds to fund projects
Summary
Greenville council approved an ordinance authorizing up to $55 million in Waterworks and Sewer System revenue bonds (Series 2026); staff said the competitive sale brought a par issuance around $52.175 million with a winning bid from Robert W. Baird at 4.43% and a closing set for May 28.
Greenville City Council on its regular-session agenda approved an ordinance authorizing the issuance and sale of Waterworks and Sewer System Revenue Bonds, Series 2026, authorizing issuance not to exceed $55,000,000 to fund multiple water and wastewater projects.
Finance staff described the financing and the competitive sale results: "The winning bid was Robert W. Baird, and it was 4.43%," a finance presenter said, noting staff had been modeling pro formas around higher rates and that the bonds will mature in 2056 with a May 28 closing. Staff said the par amount presented was $52,175,000 and that reoffering premium and market conditions affected the final sizing.
The council moved to approve the ordinance, the motion was seconded, and Mayor Jerry Ransom announced the item passed unanimously. Staff said legal documents will be finalized with bond counsel and approved by the attorney general's office before closing.
