City of Madison, Wisconsin | Legislative Information Center
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File #: 32166    Version: 1 Name: Water Utility 2013 Water Rev Bonds Award Resolution (2)
Type: Resolution Status: Passed
File created: 11/12/2013 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 12/3/2013 Final action: 12/3/2013
Enactment date: 12/5/2013 Enactment #: RES-13-00879
Title: A Resolution Authorizing and Providing for the Sale and Issuance of $24,335,000 Water Utility Revenue Bonds, Series 2013, and All Related Details
Sponsors: Lauren Cnare, Anita Weier
Attachments: 1. Water Utility 2013 Water Rev Bonds Award Resolution Final.pdf, 2. Water Utility 2013 Bid Tab.pdf, 3. Water Utility 2013 winning bid.pdf
Fiscal Note
This resolution authorizes the issuance of $24,335,000, 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, reconstruction of a booster pumping system and other capital projects. The true interest rate on the entire issuance is 3.52%. Annual interest rates range from 3% to 5%.  Net interest costs over the twenty year life of the bonds is $11.9 million.  The winning bid includes an issuance premium of $1,665,835, which can be applied toward establishing a debt service reserve fund for the bonds and to help finance project costs.  Debt service on the bonds will be approximately $1.9 million annually, paid from water utility revenues.  The bonds received a Aa2 rating with a stable outlook from Moody's.
 
Title
A Resolution Authorizing and Providing for the Sale and Issuance of $24,335,000 Water Utility Revenue Bonds, Series 2013, and All Related Details
Body
Attached