AgdaPkt 2007-04-23 - Laserfiche WebLink

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REPORT -- '".."". , . '. .., " 8e age 1 TO the Honorable Mayor and City Council From the City Manager To the Honorable Chairman of the Board Of the Public Financing Authority From t.he IExecQthfe Dire~tor and Ci.Mana er April 23, 2007 Subject Approval by the City Council of the City of Redwood City and the City of Redwood City Public Financing Authority Board of DiiectOiS 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 $15.5 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 2007 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 Council 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. The plan was updated and approved by the Council on January 24, 2006. Construction on Phase 1 of the project, estimated at approximately $72.4 million, began in March 2005 and is now approximately half complete. Bonds were sold in 2005 and 2006 to fund construction expenditures. Funding is now required for the last six distribution pipeline bid packages. These bid packages will include pipeline improvements in the Bayfront and Seaport areas, retrofits for landscape irrigation customers in Redwood Shores and the Seaport area, and the final portions of the artificial turf installations. No additional bond issues are anticipated as necessary to complete financing for Phase 1 of the project. A summary of the improvements and their anticipated cost is attached (Attachment 1). Phase 1 expenditures will be financed with the proceeds of bonds and interest earnings thereon.