1) Staff recommends approval of the resolution to expedite the utility system project financing and utility acquisition.
2) Staff recommends approval of the resolution, which provides necessary flexibility to the City in the event of need to reimburse to the City funds spent in advance of the loan closing; it also authorizes the execution of documents and allows for retaining professional firms for the financing process.
1) The reimbursement resolution is required by the U.S. Treasury if the City is to be reimbursed from the loan proceeds for those costs of the project incurred prior to loan closing.
2) The Finance Team with respect to the issuance of the Tax Exempt Financing shall consist of D.A. Davidson & Co. as Financial Advisor; Holland & Knight, LLP, as Bond Counsel; Akerman Senterfitt, as Disclosure Counsel; and, R.W. Beck, as Feasibility Consultant. The City Manager is hereby authorized to execute and deliver to the various members of the Finance Team supplemental or amended engagement letters in customary form, as needed. The City Manager is also authorized to work with the Finance Team to retain other professional firms, as needed, to assist in the process of the Tax Exempt Financing.
1. Approve the resolutions as presented; or,
2. Such alternative action as the Commission may deem appropriate
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ________RS___________
Account No. _________________
Project No. ___________________
WF No. ______________________