title
Ordinance to Amend Various Funds for the Issuance of Limited Obligation Bonds, Series 2026
body
Department:
Finance
Meeting Date:
6/2/2026
Contact Name:
Martha Wayne
Public Hearing:
No
Contact Phone:
910-341-4692
Advertising Date/Advertised By:
N/A
Attachments:
Attachment #1: Ordinance; Attachment #2: Presentation
PURPOSE:
The purpose of this ordinance is to appropriate the premium, cost of issuance, and payment to redeem the outstanding bonds of the Limited Obligation Bonds, Series 2026.
BACKGROUND:
On April 22, 2026, the City of Wilmington issued Series 2026 Limited Obligation Bonds ("LOBs") to finance various City projects and improvements, as well as to refinance a portion of the City's installment payment obligations related to Series 2015A and Series 2016 LOBs, and to pay the costs related to the execution, sale, and delivery of the LOBs. The issuance closed on May 21, 2026.
The Series 2026 portion related to the radio equipment and amortized over 5 years has a True Interest Cost ("TIC") of 2.69%, and the remaining portion, amortized over 20 years, has a TIC of 3.60%. The refunding portion of the transaction resulted in a net present value debt service savings of $1,843,134 over the life of the bonds. This represents a 5.15% principal refund compared to the Local Government Commission's suggested 3% minimum savings.
This ordinance appropriates the premium, cost of issuance, and payment to redeem the outstanding bonds. Additionally, this ordinance transfers $1,525,659 of existing installment financing budget from the CFPUA Coordination project in the Streets and Sidewalks Capital Projects Fund to the Water Street Park project in the Parks and Recreation Capital Projects Fund, where these financing proceeds will be spent on the Water Street Park project.
The funds impacted are the Streets and Sidewalks Capital Projects Fund, the Parks and Recreation Capital Projects Fund, the Public Facilities Capital Projects Fund, the Equipment Maintena...
Click here for full text