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HomeMy WebLinkAboutItem #09 Issuance of Water and Sewer Revenue Bonds Downtown and West Sanitary Sewer and Silver Star Water/Bluford Streetscape ocoee florida AGENDA ITEM COVER SHEET Meeting Date: August 2, 2016 Item # /0 Reviewed By: Contact Name: Robert Briggs Department Director: Wand., • o;-,�� Contact Number: X1518 City Manager: Robert Fra Subject: Issuance of Water and Sewer Revenue Bonds Downtown and est Sanitary Sewer and Silver Star Water/Bluford Streetscape. Background Summary: The first phase of the City's downtown improvements will be the utility infrastructure. These projects will consist of west sanitary sewer to the north and south of downtown, Oakland downtown gravity sewer and lift station installation, the looping of water supply on Silver Star and completion of our automated meter reading Flexnet installation. Construction is expected to begin in October with both phases completed in approximately 270 days. Total borrowing for these utility projects is $8.1M over a 20 year period, as outlined in the attachment. The bond issue also will include a refunding of the Series 2012 and 2013 Water and Sewer Notes. The principal being refunded totals $16.9M and will generate an annual savings of $111,462. Total annual debt service will increase an average of $425,000 over the 20-year period. This bond issue is only the Utility portion. A separate General Fund bond issuance request to support funding for the remaining downtown/Bluford streetscape projects will follow as the projects reach final planning and commission approval. Issue: These capacity improvements are necessary to support forecasted development and provide sufficient redundancy to manage our water and wastewater systems in the downtown area, The enhancement to our Flexnet meter reading system should further consolidate our reading and water data compilation capabilities. Recommendations Staff recommends approving the issuance of water and sewer revenue refunding bonds. Attachments: Attached to this staff report is a Water and Sewer System Revenue Refunding Summary prepared by the City's financial advisor FirstSouthwest. Financial Impact: Financial impacts of this proposed bond issue will be discussed by our utility rate consultants PRMG. Type of Item: (please mark with an "x") Public Hearing For Clerk's Dept Use: Ordinance First Reading X Consent Agenda Ordinance Second Reading Public Hearing Resolution Regular Agenda X Commission Approval Discussion& Direction Original Document/Contract Attached for Execution by City Clerk Original Document/Contract Held by Department for Execution Reviewed by City Attorney N/A Reviewed by Finance Dept. /J N/A Reviewed by 0 N/A 2 to > co N Ca 13 N 'i fil a C CU C O U C11 O CC a O C > CI) V cc E a) 4, a LA U a) C CC a) t E 0 U ui O _) O U "J CO L lid ui U Q) N 0) -g ÷e Q iNi 17, CO m O _ N O t� O 0O d > M 3 = _ � � � (..) 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