Water Utilities Trust Revenue Bonds

At a glance

Based on auto-generated captions; names and numbers may be misheard.

What: council resolution approving the Oklahoma City Water Utilities Trust issuing utility system revenue refunding and improvement bonds (item 11AA).
Where it stands: approved unanimously on 2026-10-13, including the six votes needed to incur debt and the seven needed to waive competitive bidding. It was taken early because it needed seven votes.
Trust vote: the same afternoon the Water Utilities Trust approved its own bond resolution on a voice vote (four affirmative votes required; tally not stated in captions).
Next: ratings expected the week of October 19, a negotiated sale on November 17 and closing December 2.

The resolution sets a maximum of $375 million; the financial advisor's preliminary estimate is about $356 million.
The deal refunds about $125 million of commercial paper (restoring borrowing capacity) and raises about $235 million of new money for capital projects, bridging a funding gap of roughly 6 to 12 months.
Morgan Stanley was selected as bookrunner and RBC as co-manager after a mini request for proposals.
The advisor noted rates have risen and that this is not a refunding for savings.

About 8 minutes across 2 meetings (from transcript timestamps; approximate).

Meeting	Minutes
2026-10-13 - Oklahoma City Water Utilities Trust	4
2026-10-13 - City Council	4

2026-10-13 - Oklahoma City Water Utilities Trust - Trust approved the bond resolution (up to $375 million; general manager cited about $360 million). Advisor said rating meetings went well; pricing November 17, closing December 2; both rating agencies called the utility well managed.
2026-10-13 - City Council - Advisor presented the plan (about $356 million, sale November 17). Approved unanimously with required supermajorities.