Madison, WI Header
Share to Facebook Share to Twitter Bookmark and Share
File #: 53816    Version: 1 Name: Water Utility Revenue Bonds Series 2018A
Type: Resolution Status: Passed
File created: 11/13/2018 In control: Attorney's Office
On agenda: Final action: 12/4/2018
Enactment date: 12/4/2018 Enactment #: RES-18-00838
Title: Resolution Authorizing and Providing for the Sale and Issuance of $30,765,000 Water Utility Revenue Bonds, Series 2018A, and All Related Details
Sponsors: Paul R. Soglin
Attachments: 1. 53816 Body.pdf, 2. Bid Tab - Water A 53816.pdf, 3. Winning bid signed by the purchaser - Water A 53816.pdf, 4. Final Body 53816.pdf

Fiscal Note

This resolution authorizes the issuance of $30,765,000 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 3.41 percent. Annual coupon rates are 4 percent.  Net interest costs over the twenty year life of the bonds are $12.7 million.  The winning bid includes an issuance premium of $1.8 million, 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 $2.2 million annually, paid from water utility revenues.  The bonds received a Aa2 rating with a negative outlook from Moody's.

 

 

Title

Resolution Authorizing and Providing for the Sale and Issuance of $30,765,000 Water Utility Revenue Bonds, Series 2018A, and All Related Details

Body

See attached Body.