TO: Mayor and Members of City Council
THRU: Timothy L. Bryant, CEO/General Manager
Fayetteville Public Works Commission
FROM: Fayetteville Public Works Commission
DATE: September 25, 2023
RE:
Title
Resolution Approving PWC Series 2023 Bond Order
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
High Quality Built Environment
Executive Summary:
The Fayetteville Public Works Commission has approved a resolution agreeing to the terms of a bond order, authorizing the sale and issuance of PWC Revenue Bonds, Series 2023 by the City of Fayetteville, NC, and requests the City Council to adopt a similar bond order, and take certain other actions in connection with such bonds.
Background:
The Fayetteville Public Works Commission, during their September 13, 2023, meeting adopted the attached PWC Resolution - PWC2023.32, and requests the City Council to adopt a similar resolution at its September 25, 2023, meeting.
“Resolution Approving and Agreeing to the Terms of a Bond Order Authorizing the Sale and Issuance of Public Works Commission Revenue Bonds, Series 2023 by the City Of Fayetteville, North Carolina, Requesting that the City Council of Said City Adopt Such Bond Order and Taking Certain other Actions in Connection with Such Bonds”.
In order to issue revenue bonds, North Carolina General Statutes require that the issuing entity adopt a "bond order". The bond order is the legal document that outlines the security structure (i.e., pledge of net revenues of the utility system), flow of funds and ongoing covenants (i.e., rate covenant, additional bonds test, continuing disclosures, etc.) for the revenue bonds. The City adopted the Original Bond Order on November 5, 1990, and adopts supplemental bond orders in connection with each subsequent issuance of revenue bonds. The supplemental bond orders provide more details/specifics on the particular series of bonds being issued.
Issues/Analysis:
N/A
Budget Impact:
N/A
Options:
N/A
Recommended Action:
The Fayetteville Public Works Commission recommends the Fayetteville City Council adopt the 2023 Bond Order at its September 25, 2023, City Council session.
Attachments:
PWC Resolution PWC2023.32 - Resolution Approving and Agreeing to Terms of a Bond Order - Memo; PWC Resolution PWC2023.32 - Approving PWC2023 Revenue Bonds Series 2023; City Approving Resolution - PWC Revenue Bonds Series 2023; Bond Order - PWC Revenue Bonds Series 2023 . . .