Sanitary Sewer Revenue Bonds

At a glance

What: Ordinance authorizing sanitary sewer revenue and refunding bonds, Series 2026, up to $39,300,000, to finish the Theresa Street Wastewater Treatment Facility expansion.
Where it stands: First reading September 28, second reading October 5, 2026 (no vote recorded at either reading). Final passage is not in the minutes read.
Next: Rating review by Standard and Poor's in the next couple of weeks; the city aims to go to market in mid-November and deliver proceeds later that month.

Elliott said an enterprise revenue bond of $54.5 million was approved about two years ago for nitrification, biosolids handling and early expansion phases; it was split into two issues, the first in 2022. This is the second.
Capacity at the plant is 27 million gallons a day; the expansion adds 17 million for 44 million. It includes two new aeration basins, two new clarifiers, nutrient-removal upgrades and non-potable water system improvements.
Keene (Piper Sandler, financial advisor): final maturity no later than December 2052; current market suggests a true interest cost near 5 percent, with hope rates ease before sale; the city expects its A+ rating to be affirmed, as the record puts it one notch below the AAA on outstanding sewer revenue bonds; the bonds will be callable, likely after 8 or 9 years.
The ordinance is the ninth series ordinance under ordinance 18171.

Public hearing with presentation by Elliott and Keene; second reading.

First reading, introduced by Washington.