Consideration of Actions Regarding the Issuance of $10,440,000 Two-Thirds General Obligation Bonds (Series 2026 A and B), as well as the Issuance of General Obligation Refunding Bonds in the Amount of $37,800,000 (Series 2026 C): (Committee of the Whole Recommends Approval) (Finance Committee) Resolution of the City Council of the City of Winston-Salem, North Carolina Making Certain Statements of Fact Concerning Proposed Bond Issues Introduction of Bond Orders: Bond Order Authorizing the Issuance of not to Exceed $6,612,190 General Obligation Streets and Sidewalks Bonds of the City of Winston-Salem, North Carolina Bond Order Authorizing the Issuance of not to Exceed $449,345 General Obligation Parks and Recreation Bonds of the City of Winston-Salem, North Carolina Bond Order Authorizing the Issuance of not to Exceed $247,865 General Obligation Public Safety Bonds of the City of Winston-Salem, North Carolina Bond Order Authorizing the Issuance of not to Exceed $1,130,600 General Obligation Public Facilities Bonds of the City of Winston-Salem, North Carolina Bond Order Authorizing the Issuance of not to Exceed $2,000,000 General Obligation Housing Bonds of the City of Winston-Salem, North Carolina Bond Order Authorizing the Issuance of not to Exceed $37,800,000 General Obligation Refunding Bonds of the City of Winston-Salem, North Carolina
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Summary
The City Council of Winston-Salem is considering the issuance of multiple General Obligation Bonds totaling $10,440,000 for various capital projects and $37,800,000 in refunding bonds to reduce debt service costs. The proposed new bonds include $6,612,190 for streets and sidewalks, $449,345 for parks and recreation, $247,865 for public safety facilities, $1,130,600 for public facilities, and $2,000,000 for housing projects. These "two-thirds" bonds are being issued under North Carolina General Statutes, allowing for issuance without voter approval up to two-thirds of the city's net debt reduction in the preceding fiscal year. The refunding bonds aim to lower interest costs on previously issued debt. The Committee of the Whole recommended approval. The bonds are scheduled to be sold on June 2, 2026, with closings on June 23 and 24, 2026. The estimated interest cost for the new bonds is approximately $4.8 million over 20 years, and the estimated savings from refinancing is approximately $1.6 million over 10 years, representing a 4% net present value savings, which meets the city's financial policy of 3% or greater.
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