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 Resolutions authorize issuance of the following bonds for the described purposes:
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 to finance the acquisition and construction of improvements to the city's electric system and to replenish electric revenues spent for city purposes
Utility System Revenue Bonds Series 2007A (tax exempt) not to exceed $24,520,000 andSeries 2007B (taxable) not to exceed $1,200,000 to finance the acquisition and construction of improvements to the city's gas system, water system and sewer system and to refund the city’s Utility System Subordinated Revenue Bond Anticipation Note, Series 2006A and the city’s Utility System Subordinated Revenue Bond Anticipation Note, Series 2006B to replenish utility system revenues spent for city purposes
1. Approve the Resolutions as presented.
2. Such alternative action as the Commission may deem appropriate
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. ______________________