AgdaPkt 2003-07-28 - Laserfiche WebLink

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E5.A -z discounted measure of the aggregate interest cost on the bonds) does not exceed 7.0 %. Attached for your review is a description of each of the financing documents you are being asked to approve this evening along with the Preliminary Official Statement. The First Supplemental Fiscal Agent Agreement, Bond Purchase Contract, and Continuing Disclosure Certificate are on file with the City Clerk for your review. Future Actions When the bids for this project have been fully evaluated; the City's engineering staff will ask the City Council to award the construction contract. The Project has been awarded two federal grants administered by the California Transportation Commission. The grants will pay the City on a reimbursement basis. Existing available cash plus bond proceeds is expected to be sufficient to cash -flow required expenditures. However, should the pace of expenditures exceed available cash resources, staff may request that the City Council advance funds to the project from available cash resources, with reimbursements to be made from grant proceeds. Fiscal Impact The sale of bonds will provide funding for the Phase II construction contract and will provide funds to reimburse the City for planning and engineering expenditures incurred to date. All District formation and bond issuance costs will be paid from the proceeds of the bonds. Additionally, the Finance Department has allocated to the District to be paid from bond proceeds a $75,000 charge for staff time involved over the past two years in the planning and structuring of the financing for Phase 11 of the project. In addition, the City will incur annual bond trustee fees, annual rebate calculation fees, audit expenses and administrative costs associated with classifying properties within the District, calculating the annual special tax levies for taxable parcels within the District, and preparing and transmitting to the County a list of special tax levies to be placed on the secured tax roll. These costs will be recovered from the property owners from the proceeds of special taxes collected by the County. The Finance Department might incur indirect costs to manage these activities that may not be recovered with charges to the administrative budget of the District, although the Finance Department is authorized to charge the District for these activities. If un- reimbursed amounts are incurred, they would likely be immaterial to the Finance Department's overall budget. RYZPL_� Brian Ponty Ed Everett Director of Finance and Financial Planning City Manager Attachments: A - Description of Principal Bond - Related Documents B — Preliminary Official Statement 2