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Council authorizes largest water and sewer bond issuance in city history, roughly $137.6 million
Summary
Savannah approved issuance of water and sewer revenue bonds (series 2026) with an actual sale of $137,595,000, a financing described by the mayor as roughly three times the city's prior largest issue; proceeds will fund water/sewer infrastructure projects in the capital improvement plan.
The Savannah City Council approved a time-sensitive resolution on Aug. 13 authorizing issuance of water and sewer revenue bonds, series 2026. City staff reported an approximate financing amount of $142.4 million and said the actual sale that morning totaled $137,595,000. The mayor called the issuance historic, noting it is "3 times larger than our previous bond issuance," which had funded the arena project.
City officials said the bond proceeds will fund water, sewer and drainage infrastructure projects included in the city's capital improvement plan. Staff noted the city's enterprise credit rating and that the stormwater fee will help pay debt service on the bonds. Council moved and approved the item at the meeting so staff could complete closing tasks tied to the morning sale.
City staff said project lists will be included in the capital improvement plan and will be presented to council in the budget cycle; council members asked for schedules and locations of projects as they are finalized. The council vote authorized the legal and administrative steps to close the financing and to direct staff to include the projects in the city's capital plan.
