City of Madison - File #: 72902

• File #: 72902
• Version: 1
• Name: General Obligation Corporate Bonds - Refunding Water Utility
• Type: Resolution
• Status: Passed
• File created: 7/27/2022
• In control: Attorney's Office
• On agenda: 8/2/2022
• Final action: 9/6/2022
• Enactment date: 9/6/2022
• Enactment #: RES-22-00632
• Title: Resolution authorizing the issuance of not to exceed $22,035,000 General Obligation Corporate Purpose Bonds, Series 2022-C by City of Madison, Wisconsin for Refunding Water Utility Revenue Bonds, providing the details thereof, establishing interest rates thereon and levying taxes therefor
• Sponsors: Satya V. Rhodes-Conway

Date	Ver.	Action By	Action	Result
9/6/2022	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
9/6/2022	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
8/2/2022	1	COMMON COUNCIL	Refer	Pass
7/27/2022	1	Attorney's Office	Referred for Introduction

Fiscal Note

This resolution authorizes the issuance of $22 million of tax-exempt general obligation refunding bonds and an irrevocable property tax sufficient for the purpose of repaying principal and interest on the bonds.

These bonds will refinance remaining $29.4 million principal at a lower interest rate on Water Utility Revenue Bonds Series 2012 and 2013.  The true interest cost of the refunding bonds is 2.83%.  Total interest costs through 2033 are $6.4 million.  Net present value of the savings from the refunding is $1.0 million, or approximately 3.25% of the refunded debt service on all of the series.  Average annual debt service savings is $471,103.

Title

Resolution authorizing the issuance of not to exceed $22,035,000 General Obligation Corporate Purpose Bonds, Series 2022-C by City of Madison, Wisconsin for Refunding Water Utility Revenue Bonds, providing the details thereof, establishing interest rates thereon and levying taxes therefor

Body