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 _____________________