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Resolution Approving an Amendment to an Installment Financing Contract in an Amount Not to Exceed $75,000,000 to Finance and Refinance Various City Projects
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Department: |
Finance |
Meeting Date: |
3/24/2026 |
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Contact Name: |
Michael Pirsch |
Public Hearing: |
Yes |
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Contact Phone: |
910-342-2771 |
Advertising Date/Advertised By: |
March 13th, 2026, Star News |
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Attachments: |
Attachment #1: Resolution; Attachment #2: Seventh Contract Amendment; Attachment #3: Seventh Supplement; Attachment #4: Contract of Purchase; Attachment #5: Public Hearing Notice; Attachment #6: POS Draft Attachment; Attachment #7: POS Appendix A Draft |
PURPOSE:
Attached for consideration is a resolution approving the Seventh Amendment to the 2012 Contract in an amount not to exceed $75,000,000 for the 2026 Limited Obligation Bonds to finance and refinance the 2026 Projects described below. Additionally, the resolution authorizes the following:
1) The Mayor, the City Manager, the Finance Director, and the City Clerk to do all such acts and things to execute all documents necessary to carry out and comply with the provisions of the Seventh Amendment; and to execute and deliver all additional certificates, documents, opinions, or other papers, and to perform all other acts as may be required by the Instruments, the Preliminary Official Statement, and the Official Statement, to carry out the intent and purposes of the attached resolution.
2) The City Attorney is authorized to furnish on behalf of the City opinions on matters of law and opinions of law from such other attorneys for all documents contemplated.
3) This resolution authorizes the Official Statement (“OS”), and execution of the Seventh Amendment, and a Letter of Representation to the Underwriter of the 2026 Bonds, Raymond James and Associates, Inc.
BACKGROUND:
At its meeting on February 17, 2026, the Wilmington City Council adopted a resolution authorizing the negotiation of an amendment to an installment contract to finance the 2026 Projects for a principal amount not to exceed $75,000,000 and providing for certain other related matters. The City intends to apply the proceeds of the Contract Amendment to finance (1) the acquisition, construction, and equipping of a new park maintenance complex, together with related site development and appurtenant improvements thereto; (2) the acquisition of radio communication equipment for various City departments; and (3) street, sidewalk, accessibility, and streetscapes. The City also intends to refinance the City’s installment payment obligations related to two Installment Purchase Contracts, the 2015A and 2016 LOBs, dated June 26, 2015, and May 12, 2016, respectively, which refinanced certain projects, as described therein.
BUDGET IMPACT:
The existing budget is sufficient to cover the borrowing for the 2026 projects. 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.