AGENDA MEMORANDUM

 

 

Meeting Date:           July 23, 2007

 

From:                          Bill Pfeilsticker, Finance Director

 

Subject:                      Resolutions (2) authorizing a City authorized representative to award the sale of the bonds, approving forms and authorizing execution of forms necessary for the bond issues.

 

 

Staff Recommendation:

All documents were reviewed by the Financing Team consisting of: Interim City Manager, Finance Director and staff, Financial Advisor, City Attorney, Bond Counsel, Disclosure Counsel, and Department Heads.  The Financing Team recommends adoption of the resolutions as presented.

 

 

Analysis:

The City proposes to issue the following bonds:

 

Electric System Revenue Bonds Series 2007A (tax exempt) not to exceed $12,280,000,

Series 2007B (taxable) not to exceed $12,000,000 the resolution,

 

Utility System Revenue Bonds Series 2007A (tax exempt) not to exceed $24,520,000 and

Series 2007B (taxable) not to exceed $1,200,000

 

The two resolutions attached hereto:

1) Authorize each of the City Authorized Representatives (Mayor, City Manager, and Finance Director) to award the sale of the bonds to Citigroup Global Markets Inc and Jackson Securities LLC, the Underwriters  

2) Approve the form of the Bond Purchase Agreement to be used in connection with the sales

3) Appoint US Bank National Association as Paying Agent

4) Approve the form and authorize delivery of the Preliminary Official Statements

5) Authorize a City Authorized Representative to deem final the Preliminary Official Statements

6) Approve the form and authorizes the execution of Disclosure Dissemination Agent Agreements

7) Authorizing the execution and delivery of Guaranteed Investment Contracts

8) Approve the form of the engineer’s (RW Beck) report

9) Authorize city officials to execute documents and take actions necessary in connection with the issuance of said bonds.

 

 

 

 

Options:

1.  Approve the Resolutions as presented.

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact:  Normal costs incurred with bond issuance which are reimburseable from bond proceeds.

 

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 _____________________