AGENDA MEMORANDUM
Meeting Date: January 22, 2007
From: Bill Pfeilsticker, Finance Director
Subject: (1) Resolution authorizing selection of finance team for Utility System Revenue Issue 2007 and authorizing the City Manager to sign engagement agreements.
(2) Resolution authorizing reimbursement from bond proceeds for
costs incurred prior to bond issuance.
Staff Recommendation:
(1) Staff recommends approval of the resolution to expedite the Utility System Revenue Issue 2007 for $33,500,000.
(2) Staff recommends approval of the resolution as presented which provides necessary flexibility to City in event of need to reimburse City for funds spent in advance of the bond issue closing date.
Analysis:
The Electric System, Utility System, and Capital Improvement Bonds are separate issues which require resolutions specific to that issue.
(1) The Finance Team with respect to the issuance of the tax exempt financing shall consist of D.A. Davidson & Co. Inc. as Financial Advisor; Akerman Senterfitt as Bond Counsel; Holland & Knight, LLP, as Disclosure Counsel; Citicorp as Lead Underwriter; and Jackson Securities as Co-Manager. 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.
(2)This reimbursement resolution is required by the U.S Department of Treasury if the City is to be reimbursed from the proceeds of bond sales for costs incurred prior to the new bond issue.
Options:
- Approval of staff recommendations, or
- Such other action as the Commission may deem appropriate.
Fiscal Impact:
All costs associated with the bond issue financing and acquisition, construction, improvement and repair of various capital improvements will be reimbursed to the City from the bond proceeds.
All reimbursements will be made to the fund accounts from which the payments were made.
Submission Date and Time: 1/18/2007 10:07 AM____
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