AGENDA CAPTION:
Title
Consider approval of Ordinance 2026-16, on the first and final reading, authorizing the issuance and sale of an amount not to exceed $93,060,000.00 of Waterworks and Wastewater System Revenue Bonds, Series 2026A, pledging the revenues of the water and wastewater system in support of the bonds; approving an official statement, a paying agent/registrar agreement for improving, constructing, equipping, acquiring, or designing the water and wastewater utility system and the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the revenue bonds and other matters related thereto; and providing for the approval of this Ordinance 2026-16, on one reading as authorized by state law.
Body
Meeting date: April 21, 2026
Department: Finance and Engineering/Capital Improvement
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: September 16, 2025, City Council approved the Fiscal Year 2026 Capital Improvement Program (CIP). February 3, 2026, City Council received a presentation on the CIP projects included in the Fiscal Year 2026 CIP at a work session.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Quality of Life & Sense of Place
Public Safety, Core Services & Fiscal Excellence
Environmental Protection
Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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☒ Environment & Resource Protection - Choose an item.
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☒ Core Services
☐ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Wastewater Master Plan
Background Information:
The Fiscal Year 2026 Capital Improvement Plan (CIP) was approved during the budget process and adopted on September 16, 2025. At the February 3, 2026, City Council Work Session, Shaun Condor, Director of Engineering/Capital Improvements, presented an overview of the projects included in the plan. CIP projects are funded by various sources, including cash, impact fees, grants, and debt obligations.
This item is for projects that will be funded by Water-Wastewater Revenue Bonds. The final action required by City Council is the consideration of this ordinance authorizing the issuance of the revenue bonds.
As part of the issuance process, the City applied for a rating from S&P Global Ratings. S&P affirmed the City’s AA rating with a stable outlook. This strong rating helps the City secure lower interest rates on future debt issuances.
In total, $93,060,000 of revenue bonds will be issued, and $80,000,000 of this amount is for the new wastewater treatment plant. The revenue bonds are expected to be sold in a competitive sale with bids scheduled to be received the morning of April 21, 2026. A draft of the ordinance is attached, and the final version will be provided on April 21, 2026, after the revenue bonds are priced. The attached draft is not complete because the information will not be known until after the bonds are priced. The final version will include all information.
Council Committee, Board/Commission Action:
N/A
Alternatives:
N/A
Recommendation:
City Council approve the ordinance authorizing the issuance of Water-Wastewater Revenue Bonds, Series 2026A, in the amount not to exceed $93,060,000.