title
Resolution Approving the Issuance, Execution, and Delivery of Not to Exceed $15,000,000 Storm Water Fee Revenue Refunding Bonds, and Providing for Certain Other Matters in Connection with the Issuance
body
|
Department: |
Finance |
Meeting Date: |
3/24/2026 |
|
Contact Name: |
Michael Pirsch |
Public Hearing: |
No |
|
Contact Phone: |
910-342-2771 |
Advertising Date/Advertised By: |
N/A |
|
Attachments: |
Attachment #1: Resolution; Attachment #2: Series Indenture #3; Attachment #3: Bond Purchase Agreement; Attachment #4: POS Draft; Attachment #5: POS Appendix A Draft |
PURPOSE:
Attached for consideration is a resolution approving 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:
At its meeting on February 17, 2026, Wilmington City Council adopted a resolution authorizing the refinancing of 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