Tampa Bay Water issues debt in the form of bonds to build and maintain the pipelines, pump stations and water treatment plants that make up the Tampa Bay region’s water supply system. At the Sept. 19 meeting, Tampa Bay Water’s board of directors approved issuing approximately $130 million of new, fixed-interest-rate revenue bonds to fund a portion of the utility’s capital projects and system improvements.
The Series 2022 bonds will be issued for 30 years, structured over current bonds to minimize impact to the uniform rate, and will allow Tampa Bay Water to free up approximately $22 million from its debt service reserve fund for capital projects. The debt will be paid from 2023 to 2053.
In June 2022, the Board approved the Capital Improvement Program expenditures for Fiscal Year 2023 and accepted the comprehensive 10-year Capital Improvement Program. About one-third of the funding for projects in fiscal year 2023 and fiscal year 2024 will come from funds on hand, joint project agreement funds, grant funds and district co-funding; the remaining funding will come from the Series 2022 Bonds.
These bonds will fund approximately $130 million of capital projects needed to improve system assets and for new facilities required for system improvements and expansion, including:
Issuing these bonds extends the life of Tampa Bay Water through the term of the bonds, the year 2052, in accordance with Tampa Bay Water’s Amended and Restated Interlocal Agreement.
