Resolution Requesting Local Government Commission Approval of the City of Wilmington’s Storm Water Fee Revenue Refunding Bonds and Certain Related Matters

Summary

This resolution requests approval from the Local Government Commission (LGC) for the City of Wilmington to issue up to $15,000,000 in Storm Water Fee Revenue Refunding Bonds, Series 2026. The purpose of these bonds is to refund a portion of the existing Storm Water Fee Revenue and Revenue Refunding Bonds, Series 2015A (originally $19,425,000), with the goal of achieving debt service savings for the city. The resolution also authorizes the retention of a financing team, including Parker Poe Adams & Bernstein LLP as bond counsel, Raymond James & Associates, Inc. as underwriter, Pope Flynn, LLC as underwriter's counsel, Waters and Company, LLC as municipal advisor, and U.S. Bank Trust Company, National Association as trustee. The Finance Director is authorized to file the necessary application with the LGC, providing required financial information and seeking approval for the negotiated sale of the bonds.

Citizen Impact

This action aims to reduce the city's debt service costs related to storm water infrastructure, which could lead to future savings. Residents will not see a direct increase in fees or taxes due to this refunding, as it is intended to refinance existing debt more favorably.

Confidence

high