Staff recommends adoption of the amendments as presented.
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.
1. Approve the resolutions as presented; or
2. Such alternative action as the Commission may deem appropriate
Fiscal Impact: None
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________