Description
Title: To provide for the issuance of public utility revenue refunding bonds of the City of Richmond, Virginia, in the maximum aggregate principal amount of $225,000,000 to refund all or portions of certain public utility revenue bonds previously issued by the City, and 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 purpose, to provide for the form, details and payment of such bonds, to approve the form of supplemental indenture of trust, and to authorize the issuance of such bonds as ei
Summary
On April 13, 2026, the City of Richmond introduced a resolution to issue public utility revenue refunding bonds totaling up to $225 million. This legislation aims to refund existing public utility revenue bonds, specifically the Series 2026A bonds, to achieve potential debt service savings. The Director of Finance, with approval from the Chief Administrative Officer, will oversee the bond sale and determine the specific amount to be refunded based on market conditions. The bonds will be secured by the net revenues from the city's gas, water, and wastewater utility systems and may be issued as either tax-exempt or taxable. This initiative is crucial as it could result in significant savings, estimated at over $9 million annually, while also allowing the city to manage its debt