Council authorizes water and sewer revenue bonds, New Series 2024 (Ord. 8101), tied to the interceptor
On December 12, 2023 the council adopted, 5-0, Ordinance No. 8101 authorizing Waterworks and Sewer System Revenue Bonds, New Series 2024. The staff memo put proceeds at about $20 million and pointed to the September 26 presentation of the Northeast Interceptor bids and funding sources. City financial reports record $19,300,000 issued, dated December 1, 2023, maturing through 2053. The City's debt schedules list the full $19,300,000 as unspent at September 30, 2024 and 2025.[1][2][3][4][5]
On December 12, 2023 the council adopted Ordinance No. 8101 authorizing Waterworks and Sewer System Revenue Bonds, New Series 2024, 5-0 (Stanley, Craft, Tipps, Scherlen, Simpson; motion by Josh Craft, second by Tom Scherlen).
[1]
✓ Verified
The staff memo from Interim Deputy City Manager and CFO Laura Storrs said "the approximately $20 million in proceeds will be used to improve and extend the City's waterworks and sewer system," repaid from the system's net revenues, and cited the September 26, 2023 presentation of the NE interceptor bids and funding sources "for the additional amount needed."
[2]
Proceeds estimate
$20,000,000
✓ Verified
The City's FY2025 financial report says the City issued the Series 2024 water and sewer revenue bonds on December 1, 2023 in the amount of $19,300,000, at rates of 4.00% to 6.00%, maturing annually through 2053. The September 30, 2025 debt schedule lists $19,175,000 outstanding and $14,500,564 in remaining interest.
[3][5]
Issued
$19,300,000
Outstanding sep 2025
$19,175,000
✓ Verified
The City's debt schedules list none of the $19,300,000 Series 2024 proceeds as spent and all of it as unspent at both September 30, 2024 and September 30, 2025, while staff memos in 2024 and 2026 describe the interceptor as funded in part from water and sewer revenue bonds. The City has not publicly reconciled the two.
[4][5][6][7]
