DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of Parity Bond Resolution to provide for the issuance of Water and Sewer Revenue Refunding bonds (Series 2025), to provide resources to refund the existing 2013 Water and Sewerage Revenue Refunding bonds and authorize preparation and delivery of relevant documents and actions, and for other purposes.
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Section 1.150-2 Treasury Regulations, 26 CFR ? 1.150-2.
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Open and Responsible Government
COMMISSION DISTRICTS AFFECTED
All Districts ?
District 1 ?
District 2 ?
District 3 ?
District 4 ?
District 5 ?
District 6 ?
IS THIS A PURCHASING ITEM?
No
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: Request approval of the attached Resolution which provides for the issuance of the 2025 Water and Sewer Revenue Bonds to provide funds to be applied toward refunding the outstanding Series 2013 Water and Sewer Revenue Refunding bonds of $219,705,000, provide funds for the costs of issuance, and authorize the Chairman to execute and deliver the final official statement, as well as all other relevant documents and actions necessary for this issuance and refunding. The 2025 bonds are tentatively scheduled to receive competitive bids on November 5, 2025 and would tentatively close before November 30, 2025.
Community Impact: Provides necessary resources to refinance existing Water and Sewerage bonds to save debt service costs to ratepayers over future years.
Department Recommendation: Recommend approval
Project Implications: None
Community Issues/Concerns: None
Department Issues/Concerns: None
FISCAL IMPACT / FUNDING SOURCE
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