City of Charlotte North Carolina
Water and Sewer System Refunding
Revenue Bonds Series 2015

City Of Charlotte Water And Sewer System

Invest in the Charlotte Water and Sewer system today! Proceeds will be used to reduce existing debt service costs. The refunded bonds were issued to support improvements to the water and sewer systems.


Issuance characteristics
  • Refunding
  • Not callable
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    Proceeds of the 2015 Bonds will be used to (1) refund all or a portion of the following bonds (collectively, the "Refunded Bonds"): (a) the City's Variable Rate Water and Sewer System Revenue Bonds, Series 2002B (the "2002B Bonds"); (b) the City's Variable Rate Water and Sewer System Refunding Revenue Bonds, Series 2002C (the "2002C Bonds"); (c) the City's Water and Sewer System Refunding Revenue Bonds, Series 2005A maturing on and after December 1, 2016 (the "Refunded 2005A Bonds"); and (d) the City's Water and Sewer System Revenue Bonds, Series 2006A maturing on and after July 1, 2017 (the "Refunded 2006A Bonds"); (2) to prepay in full the City's Water and Sewer System Revenue Bond Anticipation Note, Series 2014 (the "2014 Note") (3) to pay all or a portion of the costs incurred in connection with the termination of the City's interest rate swap agreements between the City and Bank of America, N.A. related to the 2002B Bonds and the 2002C Bonds (collectively, the "2002 Swaps"); and (4) pay certain costs related to the issuance of the 2015 Bonds.

  • Obligor

    Charlotte Water and Sewer System

  • Issuer

    Charlotte Water and Sewer System

  • Authority

    The City's issuance of the 2015 Bonds is authorized by The State and Local Government Revenue Bond Act (the "Act"), which is Article 5, Chapter 159 of the North Carolina General Statutes, and by a bond order and resolution adopted by the City Council of the City.

  • Security

    The 2015 Bonds and all other Bonds Outstanding under the General Indenture (as defined herein), are special obligations of the City, secured solely by the pledge of Net Revenues of the City's Water and Sewer System, except to the extent payable from proceeds of the 2015 Bonds, certain investment earnings and certain net insurance and other proceeds. Neither the credit nor the taxing power of the City or the State of North Carolina (the "State") or any of the State's political subdivisions is pledged for the payment of the principal of, premium if any, or interest on the 2015 Bonds. No Owner of the 2015 Bonds has the right to compel the exercise of the taxing power of the State, the City or any of the State's political subdivisions or the forfeiture of any of their respective properties in connection with any default on the 2015 Bonds. The principal of and premium, if any, and interest on the 2015 Bonds are payable solely from the Net Revenues pledged by the City and neither the State, the City nor any of the State's political subdivisions is obligated to pay the principal of, premium, if any, or interest on the 2015 Bonds except from such Net Revenues

  • Trustee

    U.S. Bank National Association

Ratings

Ratings

AAA

S&P

Aaa

Moody's

AAA

Fitch

Financing team

Neighborly Securities
Neighborly is a market participant on this issuance.