Austin approves up to $695M in bonds for electric system debt and improvements

Austin approved up to $695 million in electric utility revenue bonds to refinance commercial paper and older bonds, fund electric system improvements and pay issuance costs. The bonds will be backed by Austin Energy net revenues rather than property taxes. Officials can complete the sale by April 22, 2027, with final terms set according to market conditions.

Approve an ordinance authorizing the issuance and sale of City of Austin, Texas Electric Utility System Revenue Refunding and/or Improvement Bonds, in one or more series with an aggregate par amount not to exceed $695,000,000, in fixed rate and/or variable rate modes, in accordance with the parameters set out in the ordinance; authorizing related documents; approving the payment of costs of issuance; and providing that the issuance and sale be accomplished by April 22, 2027. Funding: Fiscal Year 2026-2027 debt service requirements and estimated annual administration fees for the paying agent/registrar for the proposed bond sale are included in the Fiscal Year 2026-2027 Operating Budget of the Combined Utility Bond Redemption Fund.

Nov 5, 202626-2948: Approve an ordinance authorizing the issuance and sale of City of Austin, Texas Electric Utility System Revenue Refunding and/or Improvement Bonds, in one or more series with an aggregate par amount not to exceed $695,000,000, in fixed rate and/or variable rate modes, in accordance with the parameters set out in the ordinance; authorizing related documents; approving the payment of costs of issuance; and providing that the issuance and sale be accomplished by April 22, 2027. Funding: FiSource documentPDF 1PDF 2PDF 3PDF 4PDF 5PDF 6PDF 7PDF 8