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Press Release Details

WAPA Governing Board Approves 2018b Series Bond Anticipation Notes & Accepts 2017 Audited Financial Statements

Dec 06, 2018

In an emergency meeting on Thursday, the members of WAPA’s governing board approved a resolution to ratify the substantially final terms and provisions of the Eighth Supplemental Resolution, including the Placement Agreement and Deposit Account Control Agreement (DACA) for bond anticipation notes (BANs) totaling $33.9 million.

The notes will refinance the 2016A BANs prior to their December 7 maturity dates. The BANs authorized Thursday will mature in July 2020 and the interest rate will be 7%.

In other action, the board approved the release of WAPA’s recently completed 2017 audited financial statements to various stakeholders, as required.

Board members in attendance included Chairwoman Elizabeth Armstrong, Vice Chairman Hubert Turnbull, Secretary Juanita Young, Commissioner Devin Carrington, Director Marvin Pickering, Gerald T. Groner, Esq., Noel Loftus, and Cheryl Boynes Jackson.

Commissioner Nelson Petty, Jr., was excused.