City of Kalamazoo, MI Wastewater System Revenue Bonds

Kalamazoo River Municipal Bonds: Local ImpactOn May 2nd, 2018 Bernardi underwrote a new issue for the Kalamazoo, MI Wastewater System. The debt was issued in order to fund various sewer projects throughout the city, including new and replacement mains, a pump, lift station improvements and treatment plant improvements. In its entirety, the system cleans up water that flows through approximately 600 miles of sewer lines throughout Kalamazoo and the surrounding area.[1] Currently, the city has contracted to provide wastewater service with eighteen surrounding municipalities and two major industrial users.

As a firm, we were happy to support a local project of such significance and of solid credit quality. On the latter point, the city projected 2018 debt service coverage to equal 247% and covenanted and agreed to maintain this rate at no less than 110%. Amazingly, in 2016 the city received an unprecedented $70 million donation to help fix its budget problems. As a result, the community was able to lower property tax rates by 38% and fund needed infrastructure improvements.

Bernardi is proud to invest locally and assist in the revitalization of the city.




[1] Source: