Title
Presentation and discussion of issues relating to a schedule of events for the sale of Certificates of Obligation.
Body
Summary: As proposed in the FY 2017-2018 Budget, the City intends to issue Certificates of Obligation for the 7th year of the 10-year Water and Sewer Capital Improvements Plan. The approximate $6,700,000 proceeds from these certificates are planned for renovation projects on the City's water treatment plant, rehabilitation and construction projects on the sanitary sewer system, and work on the ground storage tank(s).
The City's Financial Advisor, John Robuck, from BOK Financial Services, Inc., and the City's Bond Counsel, Jonathan Frels, from Bracewell LLP, will be in attendance at the meeting to present a tentative schedule of events and to answer any questions related to this planned debt issuance.
Fiscal/Budgetary Impact: Payment of the debt service and issuance costs related to these certificates are “payable from ad valorem taxes and from a limited pledge of a subordinate lien on the net revenues of the City’s waterworks and sanitary sewer system.”
Recommended action
Presentation and discussion with action to be taken during the regular City Council meeting.