Title:
Title
Authorize the Issuance and Sale of City of Sacramento Wastewater Revenue Bonds, Series 2019
End
FileID
File ID: 2019-00279
Location
Location: Citywide
Recommendation:
Recommendation
1) Adopt a Resolution authorizing a) the issuance of City of Sacramento Wastewater Revenue Bonds, Series 2019 to finance the acquisition, construction, and installation of certain wastewater-related capital-improvement projects, with the aggregate principal amount not to exceed $35 million; and b) the execution and delivery on the City's behalf of an Official Statement, a Second Supplemental Indenture, a Bond Purchase Agreement, a Continuing Disclosure Certificate, an Agreement for Bond-Counsel Services, and related financing documents; and 2) adopt a Resolution establishing revenue and expenditure budgets in the Wastewater Revenue Bond, Series 2019 Fund for the value of the net bond proceeds.
Contact: John Colville, City Treasurer, (916) 808-8297; Brian Wong, Debt Manager, (916) 808-5811; Nii Laryea, Debt Analyst, (916) 808-5517; Office of the City Treasurer.
Body
Presenter: Nii Laryea, Debt Analyst, (916) 808-5517, Office of the City Treasurer.
Attachments:
1-Description/Analysis
2-Resolution Authorizing the Issuance of Bonds
3-Resolution Approving the Revenue and Expenditure Budgets
4-Preliminary Official Statement
5-Second Supplemental Indenture
6-Bond Purchase Agreement
7-Continuing Disclosure Certificate
8-Agreement for Bond-Counsel Services
Description/Analysis
Issue Detail: On March 29, 2016, the City Council approved wastewater-rate adjustments for FY2016/17 through FY2019/20. The approved 9% increase in wastewater rates each year through FY2019/20 will provide the revenue needed to complete critical replacement and improvement projects to keep the City's wastewater system safe, reliable, and financially stable.
The City intends to implement significant improvements over the next 30 years to its combined-sewer-system (the "CSS"), most of wh...
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