Board approves $700M bond authorization and major water project contract modifications

The Hillsborough County Board of County Commissioners on Sept. 2 approved a supplemental resolution authorizing issuance of up to $700,000,000 in utility system revenue bonds to finance all or part of capital improvements at the One Water campus and to refund a portion of prior interim indebtedness. Kevin Bridal, management and budget, said the transaction is projected to generate net present value savings above the minimum target and noted recent rating upgrades: "It is now our water bonds are rated triple A by all 3 credit rating agencies," he told the board.

Separately, the board approved the fifth modification to the progressive design‑build agreement with Garney Companies for the south wastewater conveyance and treatment project, which staff said increases the contract amount by approximately $586,000,000 and authorizes GMP 4, maintaining a 14% participation goal for disadvantaged and women‑owned business enterprises. George Cassidy of Public Utilities said the first phase completion remains on track for 2028 with an initial capacity of approximately 8,000,000 gallons.

Both the bond authorization and the contract modifications passed unanimously (7–0). County staff said funding for the modifications is available in approved capital project budgets and an $82,000,000 FY26 interim financing appropriation would be used to support the Garney modification.