OVERVIEW

The City first approached Compass in the Spring of 2017 to inquire about financing options to expand their existing water park. Despite its operating success, financing the expansion would prove difficult with limited general obligation capacity and essentiality concerns under a self-supporting revenue pledge.

FINANCING PLAN

Compass created an innovative structure that rolled the City’s Water Park Division into their Combined Utility System to lower borrowing costs. The security feature of the Bonds allowed the City to utilize all revenues from the Water Park’s operations plus eligible hospitality taxes to service the debt. Any shortfalls would then be covered by surplus revenues from the City’s utility operations. Compass successfully executed a short-term note in 2017 to fund initial water park expansion which was later taken out with Bonds in 2018 that carried an “A” rating with S&P Global Ratings and was insured by Build America Mutual.

PROJECT SCOPE

$9,735,000

SCOPE OF SERVICES

Bond Issuance
Long Term Capital Planning