In the midst of the COVID-19 pandemic and market uncertainty, the City of Tampa demonstrated exceptional financial management by securing the largest bond sale in Florida at the time since the start of the COVID-19 pandemic, and the largest water and wastewater financing deal in the Southeast region this year.
In July, the City of Tampa took advantage of market uncertainty and a Moody’s AAA rating upgrade by selling $362.8 billion of water and wastewater revenues and refunding revenue bonds--a transaction that earned the City of Tampa The Bond Buyer’s ‘Deal of the Year Award’ for the Southeast Region.
This award and the success of this borrowing program are the result of years of effort on the part of two mayoral administrations (current Mayor Jane Castor and previous Mayor Bob Buckhorn), and past and present City Councils. Upon taking office in 2019, Mayor Castor immediately emphasized strategic planning and continued the emphasis on City infrastructure.
“This financing and recent increases in both Water and Wastewater rates going forward will allow the City to pursue its 20-year Master Plan--not just catching up, but getting ahead of the City’s infrastructure needs,” says the City of Tampa’s Chief Financial Officer, Dennis Rogero.
The City selected a highly diverse team led by Bank of America and including JP Morgan as co-senior manager, and Citi, Raymond James, and Seibert Williams Shank as co-managers. Seibert Williams, a minority-owned firm, secured a strategic $33M order on the 2020A issue.
The City’s Municipal Advisor and Senior Manager worked closely to refine the structure for the initial issue and develop a plan to expand our investor base prior to pricing.
For 19 years, The Bond Buyer has recognized outstanding achievement in municipal finance.
“The deals honored exemplify the creativity and resourcefulness this industry brings to bear on projects that advance the infrastructure and quality of life in the nation’s municipalities. These qualities take on additional importance here in 2020, as issuers across the nation face unprecedented challenges.”
The Bond Buyer’s editorial board considered a range of factors when judging entries, including:
- The ability to pull a complex transaction together under challenging conditions,
- The ability to serve as a model for other financings, and
- The public purpose for which a deal’s proceeds were used.
The City of Tampa is proud to be the recipient of this prestigious award and would like to congratulate all other municipalities recognized this year.