AgdaPkt 2006-01-23 - Laserfiche WebLink

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:7i:. - / REPORT To the Honorable Mayor and City Council From the City Manager To the Honorable Chairman of the Board Of the Public Financing Authority From the Executive Director andCi Mana er January 23, 2006 Subject Approval by the City Council of the City of Redwood City and the City of Redwood City Public Financing Authority Board of Directors of bond financing documents in connection with the issuance of City of Redwood City Public Financing Authority (the "PFA") Water Revenue Bonds. Recommendation In connection with the sale of not more than $26 million PFA Water Revenue Bonds to finance water recycling project expenditures and encumbrances projected to be made over the next 18 months, adopt a resolution approving, in substantially final form: . An Installment Purchase Contract (City and PFA); . An Indenture of Trust (PFA); . A Continuing Disclosure Agreement with the trustee for the 2006 Bonds (City); . A Preliminary Official Statement and its distribution (City and PFA); . An Official Notice of Sale (City and PFA); and, authorizing all actions specified in the resolution in connection with the issuance of the Water Revenue Bonds. Background In January 2005 the City approved a financing plan for the City's Recycled Water Project entailing the periodic sale of water revenue bonds to finance construction of the project over the next several years. Staff expects this project to be financed in five increments over a five year period with a total of $85 million to be raised to complete construction of all phases of this project. The first sale of bonds to finance modifications to the SBSA water treatment facility was conducted in February 2005 and netted approximately $24.6 million for water recycling project expenditures and encumbrances. These improvements are contractually committed and/or substantially complete and the next phase of the project, construction of the recycled water distribution system for Redwood Shores, now requires financing. A description of these improvements and the 2005 update to the Water Financing Plan for the recycled water project was presented to the City Council on December 19, 2005 and public comment was heard on January 9,2006. A summary of the improvements is attached as Attachment I. .