Title
Order Authorizing The Sale And Issuance By The City Of Greensboro, North Carolina Of Not To Exceed $156,000,000 Combined Enterprise System Revenue Bonds, Series 2020A And Taxable Combined Enterprise System Revenue Bonds, Series 2020B And Authorizing The Execution And Delivery Of Certain Documents In Connection Therewith
Body
Council Priority: Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Water Resources
Council District: All
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Charles Watts, City Attorney, 373-2320
PURPOSE:
To approve the attached bond order authorizing the issuance and sale of up to $156 million Combined Enterprise System (water and sewer) Revenue Bonds on or about June 4, 2020 to (1) refinance an $85 million short-term variable rate bond anticipation note issued in 2018, converting it to long-term bonds, (2) refinance $60.665 million variable rate bonds issued in 2014, converting them to fixed rate bonds, and (3) refinance $8.405 million fixed rate bonds issued in 2012. Issuance of the Bonds requires City Council and Local Government Commission (LGC) approval of the attached bond order on May 5, 2020.
BACKGROUND:
On May 15, 2018, City Council authorized establishment of the Water Resources Bond Fund (Series 2018) for the purpose of issuing an $85 million bond anticipation note under an interest-only construction draw program, with the short-term note to be redeemed by May 2021. The note funded improvements to the City's Water and Wastewater Systems including upgrades to the Osborne Wastewater Treatment Plant to meet regulations regarding biologic nutrient removal ($64 million), the Young's Mill Road outfall ($15 million) and Mitchell Water Plant improvements ($6 million).
On March 31, 2020, City Council approved filing an application with the LGC to refinance up to $156 million Combined Enterprise System (water and s...
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