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2016 refunding sale. Such savings, if realized, would accrue to future fiscal years <br />beyond 2016-17. <br /> <br />FISCAL IMPACT <br />The cost for each member of the financing team is as follows: <br /> <br /> Contingent Fees: <br /> William Euphrat Municipal Finance, Inc., Municipal Advisor $40,000 <br /> Quint & Thimmig LLP, Bond Counsel $30,000 <br /> Sidley Austin LLP, Disclosure Counsel $30,000 <br /> Stifel, Nicolaus & Company, Inc., Underwriter $50,171.794 <br /> <br /> <br />The One Marina bonds are contingent liabilities of the City. The source of revenue to <br />make debt service payments is restricted to special tax levies on the residential <br />properties subject to special taxes that are collected by the County and paid to the City. <br />The City develops an administrative budget and imposes an administrative fee annually <br />in order to pay for services associated with collection and payment of debt service on <br />the bonds, and preparation of annual continuing disclosure documents. This fee is <br />collected with the tax. <br /> <br /> <br />The City’s general fund will bear no financial risk associated with this refunding. The <br />fee and expenses of each member of the financing team will be contingent upon the <br />successful closing of the bond issue. There are minor out-of-pocket expenses <br />associated with distribution of the official statement (estimated at less than $3,000) that <br />would nevertheless be payable should an event prevent the marketing of the bonds or <br />the closing of the bonds after printing and distribution of the official statement. The City <br />would recover these and any other unreimbursed expenses from property owners from <br />the administrative budget for the CFD. <br /> <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under CEQA as defined in CEQA Guidelines, section <br />15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br /> <br /> <br /> <br />4 Estimated total underwriter’s discount provided by William Euphrat Municipal Finance, Inc based on proposal <br />from Stifel, Nicolaus & Company and the estimated size of the issuance. This number could fluctuate due to <br />changes in the size of the issuance or potential changes in the underwriter’s discount, which changes are <br />contemplated in Stifel’s proposal. <br />6.3.A. - Page 4