Description
Title: To provide for the issuance of public utility revenue refunding bonds of the City of Richmond, Virginia, in the maximum principal amount of $294,280,000 to refund all or portions of certain public utility revenue bonds previously issued by the City, to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell such refunding bonds for such purposes, providing for the form, details and payment of such bonds and approving the form of supplemental indenture of trust, and to authorize the issuance of such bonds as either federa
Summary
On February 9, 2026, the Richmond City Council introduced Resolution No. 2026-R012, proposing the issuance of public utility revenue refunding bonds up to $294.28 million. This legislation aims to refund portions of the outstanding Public Utility Revenue Bonds from 2016 and 2020, thereby potentially reducing the city's debt service expenses. The bonds will be secured by the net revenues from the city's gas, water, and wastewater utilities. The City’s Director of Finance, with the Chief Administrative Officer's approval, will determine which bonds to refund based on prevailing interest rates. A public hearing is scheduled for February 23, 2026. This initiative is significant as it seeks to achieve savings for the city while managing its utility