St. Lucie County approves Series 2026 revenue bonds for water and wastewater capital projects

St. Lucie County approves Series 2026 revenue bonds for water and wastewater capital projectsThe Board of County Commissioners has authorized a financing mechanism to fund system expansions and upgrades, capitalizing interest through December 2027 and refinancing interim debt.

Commissioners unanimously approved an interlocal agreement enabling the transfer of Water and Sewer District revenues to the county for annual debt service payments.

The Series 2026 bonds will fund the acquisition and construction of water and wastewater system improvements, as well as refinance interim indebtedness.

Interest on the Series 2026 bonds will be capitalized through December 1, 2027, according to the bond resolution prepared by counsel Labor, Givlin, and Nickerson.

The St. Lucie County Board of County Commissioners unanimously approved the issuance of Series 2026 non-ad valorem revenue bonds on July 7 to support capital improvements for the St. Lucie County Water and Sewer District. County Attorney Catherine Barbieri presented the financing initiative, which included an interlocal agreement and a subsequent bond resolution. The interlocal agreement between the county and the utility district authorizes the annual transfer of available water and wastewater system revenues to the county to cover the debt service on the newly issued bonds. The agreement will remain in effect until the bonds are fully paid. According to Barbieri, the bond proceeds will be used to refinance interim debt previously incurred for the "2026 project," which encompasses extensions, expansions, replacements, and upgrades to the existing utility infrastructure. The funds will also cover the acquisition and construction of new capital improvements necessary to maintain and expand services. The approved bond resolution, prepared by bond counsel Labor, Givlin, and Nickerson, stipulates that the financing will capitalize interest on the Series 2026 bonds through December 1, 2027, while also paying associated costs of issuance. The board approved both the interlocal agreement and the bond resolution without opposition.