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.
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.
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.
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. ______________________