Posting Language
Title
Approve an ordinance authorizing the issuance and sale of City of Austin, Texas Electric Utility System Revenue Refunding Bonds, Series 2025 (Series 2025 Bonds), in a par amount not to exceed $475,000,000 to refinance up to $225,000,000 of tax-exempt commercial paper and refinance certain maturities of Series 2015A Electric Utility System Revenue Refunding Bonds, 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 23, 2026. Funding: Fiscal Year 2026 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 Operating Budget of the Combined Utility Bond Redemption Fund.
De
Lead Department
Austin Financial Services
Fiscal Note
Fiscal Year 2026 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 Operating Budget of the Combined Utility Bond Redemption Fund.
For More Information:
Belinda Weaver, Treasurer, 512-974-7885
Additional Backup Information:
Austin Energy uses short term debt, called commercial paper, to fund many of its capital projects. The commercial paper is periodically paid off using bonds that refinance the commercial paper into long-term debt to better match the useful life of the capital assets being financed; the issued bonds are backed solely by the net revenue of Austin Energy, rather than property taxes. This transaction will allow Austin Energy to take advantage of currently favorable market conditions and restore the available capacity under the City's tax-exempt commercial paper program, which supports both Austin Energy's and Austin Water's capital programs, for future borrowing needs by refinancing up to $225,000,000 of tax-exempt commercial paper into l...
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