SUMMARY:
The San Antonio Water System (SAWS) requests City Council approve:
A. An ordinance authorizing the issuance of obligations designated as "City of San Antonio, Texas Water System Junior Lien Revenue Bonds, Series 2015A" (Series 2015A Bonds), in an amount not to exceed $75,920,000 to be sold to the Texas Water Development Board (TWDB) through the Drinking Water State Revolving Fund Program.
B. An ordinance authorizing the issuance of obligations designated as "City of San Antonio, Texas Water System Junior Lien Revenue and Refunding Bonds, Series 2015B (No Reserve Fund)" (Series 2015B Bonds), in an amount not to exceed $348,445,000 to fund capital improvements and refund outstanding revenue bonds for debt service savings.
Each of the above ordinances includes a delegation of authority by the San Antonio City Council to SAWS' Designated Financial Officers, defined as either the President/Chief Executive Officer or the Senior Vice President/Chief Financial Officer of SAWS, through a delegation authorization permitted by Chapter 1207, as amended, Texas Government Code.
BACKGROUND INFORMATION:
SAWS' capital financing plan utilizes a variety of sources to fund capital improvements. These include revenues, impact fees, bonds, and tax-exempt commercial paper. SAWS issues bonds periodically to finance capital improvement projects; refinance outstanding debt for debt service savings and refund outstanding tax-exempt commercial paper notes. SAWS' 2014 and 2015 budgets included debt service to support the issuance of debt to fund capital improvement projects. The debt service for the bonds authorized in the ordinances is within the debt service approved in the 2014 and 2015 budgets.
Drinking Water State Revolving Fund - Series 2015A Bonds
Under the Drinking Water State Revolving Fund, TWDB provides subsidized interest rate loans to assist local water systems in meeting Safe Drinking Water Act standards. SAWS wishes to issue to TWDB bonds in a...
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