FINANCIAL_SERVICESPENDING

City of Cambridge Council Meeting Agenda Packet May 11 2026

Cambridge Plans MWIFA Bond Financing for Sewage Project

Not to exceed $6,863,400 (two loans: up to $4,351,165 base loan and up to $2,512,235 principal forgiveness loan)City of CambridgeMARYLAND WATER INFRASTRUCTURE FINANCING ADMINISTRATIONMay 11, 2026

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Description

Cambridge is moving to borrow up to $6.86 million from the Maryland Water Infrastructure Financing Administration through privately sold general obligation bonds to fund the Trenton Street Sewage Pumping Station Rehabilitation. The financing structure includes a long‑term tax‑exempt installment bond and a principal‑forgiveness bond, backed by the City’s full faith and credit and wastewater revenues.

Contract Details

Contract Amount

Not to exceed $6,863,400 (two loans: up to $4,351,165 base loan and up to $2,512,235 principal forgiveness loan)

Vendor

MARYLAND WATER INFRASTRUCTURE FINANCING ADMINISTRATION

Agency

City of Cambridge, MD

Contract Type

FINANCIAL_SERVICES

Document Date

May 11, 2026

Contract Term

Base loan amortization not to exceed roughly 30 years from project completion; principal forgiveness bond automatically forgiven 10 years after closing if no default

Renewal Info

Ordinance 1271 also authorizes issuance of general obligation refunding bonds in one or more series to refund any bonds sold to MWIFA, with each refunding series limited to 130% of the principal of the refunded bonds; any such refunding bonds will generally be sold by private sale unless Council directs otherwise by resolution.

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