Title
An Ordinance Authorizing the Issuance and Sale of Water Supply System Revenue Bonds, Series 2023, ($40,000,000.00) (Roll Call Vote Required - One Reading Only)
Memorandum
Recommended for Council is an Ordinance approving the issuance by the City of its Water Supply System Revenue Bonds, Series 2023 in the maximum principal amount of $40,000,000.00 (the “Bonds”), for the purpose of financing the costs of additions and improvements to the City’s water supply system (the “System”). The Bonds are secured solely by the net revenues of the System.
The Bonds are to be sold by competitive sale. The Ordinance authorizes the Mayor, City Administrator, City Clerk, Chief Financial Officer and Treasurer to execute a Sales Order awarding the Bonds to the lowest bidder based on the calculation of the lowest true interest cost to the City.
The City’s bond counsel, Dykema Gossett PLLC, prepared the ordinance with further review by the City Attorney.
Staff
Prepared by: Marti Praschan, Financial Services Area Administrator and CFO
Reviewed by: Michelle Landis, Senior Assistant City Attorney
Approved by: Milton Dohoney Jr., City Administrator
Body
(See Attached Ordinance)