City of Madison, Wisconsin | Legislative Information Center
Share to Facebook Share to Twitter Bookmark and Share
File #: 40736    Version: 1 Name: A Resolution Authorizing and Providing for the Sale and Issuance of $41,610,000 Water Utility Revenue Bonds, Series 2015, and All Related Details
Type: Resolution Status: Passed
File created: 11/5/2015 In control: WATER UTILITY BOARD
On agenda: 11/17/2015 Final action: 12/1/2015
Enactment date: 12/4/2015 Enactment #: RES-15-00901
Title: A Resolution Authorizing and Providing for the Sale and Issuance of $41,610,000 Water Utility Revenue Bonds, Series 2015, and All Related Details
Sponsors: David Ahrens, Sheri Carter
Attachments: 1. BODY, 2. Water Utility 2015 Bid Tab.pdf, 3. Water Utility 2015 Winning Bid.pdf

Fiscal Note

This resolution authorizes the issuance of $41,610,000, in water utility revenue bonds to be repaid over a twenty-year amortization period.  Proceeds will finance 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 2.8625%. Annual interest rates range from 2.85% to 5%.  Net interest costs over the twenty year life of the bonds is $14.3 million.  The winning bid includes an issuance premium of $2,545,929, 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 $3.1 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 $41,610,000 Water Utility Revenue Bonds, Series 2015, and All Related Details

Body

See attached "Body".