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File #: 53817    Version: 1 Name: Water Utility Revenue Notes Series 2018B
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-18-00839
Title: Resolution Authorizing and Providing for the Sale and Issuance of $9,390,000 Taxable Water Utility Revenue Notes, Series 2018B, and All Related Details
Sponsors: Paul R. Soglin
Attachments: 1. 53817 Body.pdf, 2. Bid Tab - Water B 53817.pdf, 3. Winning bid signed by the purchaser - Water B 53817.pdf, 4. Final Body 53817.pdf

Fiscal Note

This resolution authorizes the issuance of $9.4 million in water utility taxable revenue promissory notes to be repaid over a ten-year amortization period.  Proceeds will finance operating costs, including repayment of a $6.1 million loan made from the city's general fund at the end of 2017 to adequately fund restricted cash accounts maintained as a requirement of the utility's bond covenants.  The true interest cost on the entire issuance is 3.42%. Annual interest rates range from 3.0% to 3.55%.  Net interest costs over the ten year life of the notes are $1.7 million.  Debt service on the notes will be approximately $1.2 million annually, paid from water utility revenues.  The notes received a Aa2 rating with a negative outlook from Moody's.

 

Title

Resolution Authorizing and Providing for the Sale and Issuance of $9,390,000 Taxable Water Utility Revenue Notes, Series 2018B, and All Related Details

 

Body

See attached Body.