City of Madison, Wisconsin | Legislative Information Center
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File #: 28096    Version: Name: Madison Water Utility 2012 Water Rev Bonds Award Resolution.docx
Type: Resolution Status: Passed
File created: 10/22/2012 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 11/27/2012 Final action: 11/27/2012
Enactment date: 11/28/2012 Enactment #: RES-12-00862
Title: SUBSTITUTE. A Resolution Authorizing and Providing for the Sale and Issuance of $21,095,000 Water Utility Revenue Bonds, Series 2012
Sponsors: Paul R. Soglin
Attachments: 1. Water Utility Bid Tab, 2. Water Utility Winning Bid, 3. Version 1, 4. Madison Water Utility 2012 Water Rev Bonds Award Resolution.pdf, 5. Madison Water 2012 Award Memo.pdf
Fiscal Note
This resolution authorizes the issuance of $21,095,000, in water utility revenue bonds to be repaid over a twenty-year amortization period.  Proceeds will finance an advanced metering infrastructure project, a water main replacement program, new water main construction, a new booster pumping system and other capital projects. The true interest rate on the entire issuance is 2.41%. Annual interest rates range from 2% to 4%.  Net interest costs over the twenty year life of the bonds is $7.7 million.  The winning bid includes an issuance premium of $1,834,021, which can be applied toward project costs.  Debt service on the bonds will be approximately $1.5 million annually, paid from water utility revenues.  The bonds received a Aa1 rating with a negative outlook from Moody's.
 
 
Title
SUBSTITUTE.  A Resolution Authorizing and Providing for the Sale and Issuance of $21,095,000 Water Utility Revenue Bonds, Series 2012
Body
See Attached