Glendale approves $42 million water and sewer revenue bond issuance

Glendale approves $42 million water and sewer revenue bond issuanceThe Glendale City Council has unanimously authorized the sale of up to $42 million in revenue obligations to fund ongoing capital improvements to its municipal water and wastewater systems.

The council approved Ordinance 026-18, capping the new water and sewer revenue bonds at a maximum principal amount of $42 million.

RBC Capital Markets will serve as the underwriter for the issuance, with Greenberg Traurig acting as bond counsel.

The ordinance delegates authority to city management to finalize the terms, interest rates, and maturities of the obligations.

The City of Glendale, Arizona, is moving forward with a major financing package for its municipal utility infrastructure, following the City Council's unanimous approval of a new bond ordinance on April 14, 2026. Under Ordinance 026-18, the city is authorized to issue water and sewer revenue obligations in one or more series. The total principal amount of the bonds will not exceed $42 million. The funds are earmarked specifically to finance improvements across the city's water and wastewater systems, and the debt will be secured by a pledge of certain water and sewer utility revenues. Levi Gibson, Director of Budget and Finance, presented the ordinance to the council and confirmed the key financial partners for the transaction. RBC Capital Markets has been tapped as the underwriter, while Greenberg Traurig will serve as bond counsel for the city. The approved ordinance delegates limited authority to the city manager, assistant city manager, or the director of budget and finance to finalize the specific terms of the financing. This includes determining the final principal amount, maturity dates, and interest rates for the respective series prior to the sale. In separate water-related business during the same meeting, the council approved an administrative update to the city's floodplain management code. The amendment, prompted by an Arizona Department of Water Resources review, ensures continued local compliance with National Flood Insurance Program standards. Additionally, the council authorized the abandonment of specific water line and stormwater retention easements to accommodate ongoing commercial developments, including incorporating an existing stormwater retention area into the new Vai Resort office complex development while maintaining required drainage capacity.