title
Resolution Requesting Local Government Commission Approval of the City of Wilmington’s Storm Water Fee Revenue Refunding Bonds and Certain Related Matters
body
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Department: |
Finance |
Meeting Date: |
2/17/2026 |
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Contact Name: |
Michael Pirsch |
Public Hearing: |
No |
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Contact Phone: |
910-342-2771 |
Advertising Date/Advertised By: |
N/A |
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Attachments: |
Attachment #1: Resolution |
PURPOSE:
The purpose of this resolution is to request the Local Government Commission (“LGC”) to allow the City of Wilmington to issue Storm Water Fee Revenue Refunding Bonds, Series 2026 (“2026 Bonds”) in an aggregate principal amount not to exceed $15,000,000 in order to refund all or a portion of the 2015 Bonds to achieve debt service savings, and to pay the costs of issuing the 2026 Bonds.
BACKGROUND:
Refinancing the refunded projects is essential to the City’s proper, efficient, and economic operation and to the general health and welfare of its inhabitants. The refunded projects will serve essential purposes and permit the City to carry out public functions it is authorized by law to perform. The resolution will authorize refinancing the 2015 Storm Water Fee Refunding Bonds and payment of all costs associated with issuing the 2026 Bonds.
BUDGET IMPACT:
An ordinance appropriating the premium, cost of issuance, and payment to redeem the outstanding bonds will occur after the execution, sale, and delivery of the 2026 Bonds.
RECOMMENDATION / ACTION REQUESTED:
Passage of the attached resolution is recommended.