TO: Mayor and Members of City Council
THRU: Timothy L. Bryant, CEO/General Manager,
Fayetteville Public Works Commission
FROM: Fayetteville Public Works Commission and
Bond Counsel, The Charleston Group
R. Johnathan Charleston, Esq.
Catherine R. Iwashita Bamba, Esq.
DATE: September 22, 2025
RE:Title
PWC - Approve Resolution of Bond Order Authorizing and Approving the Sale and Issuance under the Provisions of the State and Local Government Revenue Bond Act, as amended, of Not To Exceed $230,000,000 Aggregate Principal Amount of the City of Fayetteville, North Carolina, Public Works Commission Revenue Bonds, Series 2025 to Provide Funds for the Financing and Refinancing of Various Electric, Water, and Sanitary Sewer Capital Improvements and Directing the Authentication and Delivery of the Series 2025 Bonds
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COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal 1 - Safe and Secure Community
Goal 3 - City Investment in Today and Tomorrow
Goal 4 - Desirable Place to Live, Work, and Recreate
Executive Summary:
The Fayetteville Public Works Commission approved a resolution approving and agreeing to the terms of a bond order authorizing the sale and issuance of Public Works Commission Revenue Bonds, Series 2025, by the City of Fayetteville, North Carolina, and requests the City Council adopt the bond order and take certain other actions in connection with such bonds
Background:
On September 10, 2025, the Fayetteville Public Works Commission adopted the attached Resolution PWC2025.30 and requests City Council adopt the bond order, in substantial form, at its September 22, 2025 meeting.
“Resolution Approving and Agreeing to the Terms of a Bond Order Authorizing the Sale and Issuance of Public Works Commission Revenue Bonds, Series 2025 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 details and specifics on the particular series of bonds being issued
Issues/Analysis:
N/A
Budget Impact:
N/A
Options:
N/A
Recommended Action::Recommended Action
The Fayetteville Public Works Commission recommends the City Council adopt the 2025 Bond Order at its September 22, 2025 City Council meeting
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Attachments:
Bond Order Authorizing and Approving the Sale and Issuance under the Provisions of the State and Local Government Revenue Bond Act, as amended, of Not To Exceed $230,000,000 Aggregate Principal Amount of the City of Fayetteville, North Carolina, Public Works Commission Revenue Bonds, Series 2025 to Provide Funds for the Financing and Refinancing of Various Electric, Water, and Sanitary Sewer Capital Improvements and Directing the Authentication and Delivery of the Series 2025 Bonds
PWC Memorandum Regarding the PWC Resolution PWC2025.30 Resolution Approving and Agreeing to terms of a Bond Order
PWC Resolution PWC2025.30 - Resolution Approving and Agreeing to the Terms of a Bond Order Authorizing the Sale and Issuance of Public Works Commission Revenue Bonds, Series 2025 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
Bond Order, in substantially the form presented to the PWC Board of Commissioners - PWC Revenue Bonds, Series 2025