From
Brady Olsen, Treasury and Debt Manager
Title
2020 Plan of Capital Finance for Water and Wastewater System and Sales Tax Bonds
Presenter
Becky Brooks, Chief Financial Officer, and Brady Olsen, Treasury and Debt Manager
Recommended Action
Approve
Analysis
On March 3, 2020, the Finance and Government Committee approved the attached plan of finance for our WWW and Sales Tax bonds. We plan on issuing $3 million in new WWW debt to support the approved Capital Improvement Projects, as well as refunding $5,125,000 of outstanding debt at a lower interest rate. Additionally, we plan on refunding $6,470,000 in outstanding sale tax debt associated with the park venue tax at a lower interest rate. With approval, the finance team will move forward with the process before taking this item back to Council for final approval on April 7, 2020.
Financial Consideration
A debt issuance was anticipated when setting our current WWW rates, so the current rates should be able to support the additional debt.