Print this page
Posted: September 26, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF100125-14

Agenda Item Title:

Resolution No. 2025-122, a Resolution Authorizing and Directing the Issuance and Sale of Water Revenue Refunding Bonds, Defining the Terms and Manner of Payment of the Bonds and the Security Therefor

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
10/01/2025
City Council Hearing Date:
10/06/2025
Agenda Item Summary:
The City’s Municipal Water system has a variety of capital debt. One of the debt series originated in November 12, 2015 in the original principal amount of $46,030,000. This debt was used to refinance the costs of acquiring and constructing the Jackson Springs Water Treatment Plant, the acquisition and construction of the Saint Martin’s Reservoir and the refunding of the City’s 2009 Water Revenue Bonds. The current outstanding balance of the debt is $35,740,000. The resolution authorizes the refinancing of the outstanding bonds at a yield not to exceed 4.0% and a maturity not to exceed 14 years. This will ensure that the debt is retired in the same time period as is currently anticipated. Given the current market conditions and the current rate of the series of water bonds, we anticipate a net present value savings exceeding $600,000.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Is Funding Budgeted?:
Not Budgeted

Recommendations:

Origination Recommendation Action:
Approve

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries