Board approves $700M bond authorization and major water project contract modifications
Hillsborough County authorized up to $700 million in utility revenue bonds and approved major contract modifications to One Water projects, including a roughly $586 million increase to a progressive design‑build agreement and additional amendments to drinking water design contracts.
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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.
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