title
Ordinance to Amend the Storm Water Management Fund for the Refunding of Revenue Bonds, Series 2015A
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Department: |
Finance |
Meeting Date: |
6/2/2026 |
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Contact Name: |
Martha Wayne |
Public Hearing: |
No |
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Contact Phone: |
910-341-4692 |
Advertising Date/Advertised By: |
N/A |
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Attachments: |
Attachment #1: Ordinance; Attachment #2: Presentation |
PURPOSE:
The purpose of this ordinance is to appropriate the premium, issuance costs, and payments required to redeem the outstanding Storm Water revenue bonds, Series 2015A.
BACKGROUND:
On May 6, 2026, the City of Wilmington refunded its Series 2015A revenue bonds maturing on and after June 1, 2026.
This ordinance appropriates the premium, the cost of issuance, and payment to redeem the outstanding bonds in the Storm Water Management Fund.
The City closed this issuance on May 21, 2026. The True Interest Cost (“TIC”) for the refunding bonds was 3.34%. The refunding resulted in a net present value debt service savings of $476,219 over the life of the bonds. This represents 3.47% savings of principal refunded. The Local Government Commission’s suggested minimum savings requirement is 3%.
BUDGET IMPACT:
The net budget impact $14,027,465.
RECOMMENDATION / ACTION REQUESTED:
Passage of the attached ordinance is recommended.