AGENDA MEMORANDUM

Meeting Date:           July 23, 2007

From:                          Bill Pfeilsticker, Finance Director      

Subject:                      Resolutions  amending Resolution 7914 Utility System Revenue Bonds  and Resolution 7915 Electric System Revenue Bonds to authorize deposits to fund balances.

Staff Recommendation:

Staff recommends adoption of the amendments as presented.

Analysis:

Resolution 7914 authorizes issuance of not to exceed $24,500,000 Tax Exempt Utility System Revenue Bonds Series 2007A for capital projects and also not to exceed $1,220,000 Taxable Utility System Revenue Bonds Series 2007B for deposits to fund balance.

Resolution 7915 authorizes issuance of not to exceed $11,300,000 Tax Exempt Electric System Revenue Bonds Series 2007A for capital projects and also not to exceed $1,220,000 Taxable Electric System Revenue Bonds Series 2007B for deposits to fund balance.

Resolutions 7141, 7142, 7143 and 7144 (the Supplemental Resolutions) amend the 2004 Series A&B bond issues by restating the purposes for which the bond proceeds may be used.  The 2007 taxable bonds issued to restore fund balances will not qualify within the meaning of the 2004 Bond Resolutions as they are currently written.  The proposed resolutions restate the purposes of the projects defined by those resolutions and allow bond proceeds to restore fund balance. 

The proposed amendments are “housekeeping” only and do not change the amount of issuance or the intended purposes of the bond issues.

Options:

1.  Approve the resolutions as presented; or

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact:  None

Submission Date and Time:    7/19/2007 10:50 AM7/19/2007 10:35 AM____

Department: ______________________ Prepared by:  ______________________                      Attachments:         Yes____   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________________                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. _________________ Project No. ___________________ WF No. ______________________ Budget  ______________________ Available _____________________