Case Study:City of Westminster

Westminster, MD

The City of Westminster, founded in 1764 and incorporated in 1838, is the county seat of Carroll County, Maryland. The City is located approximately 58 miles north of Washington D.C., 36 miles northwest of Baltimore, Maryland, and 37 miles southwest of York, Pennsylvania. The City currently occupies a land area of 6.64 square miles and at the time of its financing in 2015, had an estimated population of 18,848 and employed 142 full-time employees, 2 part-time employees and 30 seasonal employees.

Project Overview

The City’s project involved the construction and installation of infrastructure necessary to facilitate high speed internet, video and telephone service in the City.

Financing Overview

The City of Westminster sought the implementation of a $21 million taxable general obligation bond issue, the proceeds of which funded the costs associated with the project. Since the build-out of the project was expected to occur in multiple phases, with the timing of each phase dependent on the success of the immediately preceding phase, it was crucial that the City’s financing be structured with flexibility both in terms of draws on the credit facility and terms of repayment.

The City issued a competitive solicitation for direct bank financing for the project which is backed by the City’s full faith and credit. The culmination of our effort was the issuance by the City of its $21,000,000 Taxable General Obligations (Series 2015A).

Wye River Group’s Role

Wye River had the privilege to work closely with the Director of Finance of the City and her team to assess the City’s debt capacity and then plan its project financing. More specifically, our services included:

  • Preliminary project planning including assessment of debt capacity
  • Finance Plan Development
  • Competitive solicitation of prospective lenders
  • Negotiation of final terms with the City’s preferred lender

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