Staff reports $47.5M WIFIA draw and recommends delaying subordinated sales‑tax bond due to rates

Authority counsel and finance staff updated the committee on federal and local financing.

John Shockley said the Authority has made one WIFIA draw for approximately $47,500,000 against a $569,000,000 facility and that roughly $521.5 million remains available to draw. He noted the loan carries favorable financing at about 2.08% interest for a four‑year term and staff continue to work with federal partners regarding options to treatment of a potential small terminal tranche of debt through the Corps' field‑loan program.

On subordinated sales‑tax bonds, Shockley recommended delaying issuance of a temporary subordinated sales‑tax bond 30–60 days because of recent interest‑rate volatility and uncertainty in market conditions. He said staff anticipate bringing a parameters resolution in May or June to set maximum interest and terms that staff would be authorized to accept when selling the temporary bonds.

The committee took the update as informational; no formal vote was required on the financing updates. Staff will return with a bond resolution and parameters for committee action when market conditions are evaluated.