Bond Order Authorizing the Issuance, Directing the Application to the Local Government Commission, and Requesting Local Government Commission Approval of Water and Sewer System Revenue Refunding Bonds Series 2026 in the Not to Exceed Amount of $80,000,000 (Committee of the Whole Recommends Approval) (Finance Committee)

The City Council is considering a Bond Order to authorize the issuance of Water and Sewer System Revenue Refunding Bonds, Series 2026, not to exceed $80,000,000. The purpose of this issuance is to refinance existing Water and Sewer Revenue Bonds from 2016 that have reached their 10-year call period. The refinancing is expected to generate an estimated net present value savings of $6 million over 14 years, which exceeds the City's financial policy requirement of 3% savings. The bonds will be paid from the pledged revenues of the Water and Sewer system. The proposed sale date is April 1, 2026, with a closing date of May 5, 2026. The Committee of the Whole has recommended approval.