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In 2016, the Bond Bank entered into a short-term, subordinated draw Direct Placement (2016 Notes) with a bank at an annualized rate of 1.36% in order to fund stormwater improvement projects for the Marion County Stormwater District. These 2016 Notes matured in October 2019 and were taken out with long-term fixed rate bonds. Given the low cost and flexibility of the 2016 Notes, the City entered into a second $50 million short-term, subordinated draw Direct Placement in 2019 (2019 Notes) and a third $50 million short-term, subordinated draw Direct Placement in November 2021 (2021 Notes).
The 2019 Notes matured on March 1, 2022. The Series 2022C – Stormwater Revenue Bonds were used to pay off the 2019 notes. The $50 million par amount bonds generated a premium of nearly $10 million. The Board of Public Works, as the governing body of the Marion County Stormwater District, will use most of the premium generated on the 2022C Bonds to fund additional projects.
The Series 2022C Stormwater Revenue Bonds will be the first certified Green Bonds issued by the City. Kestrel Verifiers provided an independent opinion that the use of proceeds meets the Climate Bond Initiative threshold to be designated as “green”. S&P and Kroll gave the 2022C Stormwater Revenue Bonds a “AAA” rating.