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File #: 171700    Version:
Type: Resolution Status: Passed
File created: 2/27/2018 In control: COMMON COUNCIL
On agenda: Final action: 3/27/2018
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of up to $60,000,000 Water System Revenue Bonds.
Sponsors: THE CHAIR
Indexes: BONDS, GOVERNMENT, WATER WORKS
Attachments: 1. Comptroller Letter, 2. Fiscal Note, 3. Hearing Notice List
Number
171700

Version
Substitute 1

Reference
131057

Sponsor
The Chair

Title
Substitute resolution authorizing the sale and issuance of up to $60,000,000 Water System Revenue Bonds.

Analysis
This resolution authorizes and provides for the sale by the City of a series of Water System Revenue Bonds in the principal amount not to exceed $60,000,000 for financing the costs of improvements to the City’s Water System; prescribing certain details of such bonds; and certain other matters related thereto.

Body
Whereas, in interpreting the terms of the Series 2018 Resolution (hereinafter defined), all terms which are defined in Section 1.01 of the Resolution (hereinafter defined) shall have the same meanings, respectively, in this Series 2018 Resolution as such terms are given in said Section 1.01 of the Resolution. In addition, as used in this Series 2018 Resolution the following terms shall have the following respective meanings:

“Resolution” means Common Council Resolution File No. 131057 adopted by the Common Council on July 22, 2014.

“Series 2018 Bonds” means the Water System Revenue Bonds authorized to be issued pursuant to and subject to the terms, conditions and limitations established in the Resolution and this Series 2018 Resolution.

“Series 2018 Resolution” means this Series 2018 Resolution authorizing up to $60,000,000 aggregate principal amount of the Series 2018 Bonds.

“Tax Certificate” means the Tax Compliance Certificate executed by an Authorized Officer of the City in connection with the issuance of the Series 2018 Bonds; and

Whereas, the Resolution provides the authority (when utilized in conjunction with separate “Series” resolutions) for the issuance of Water System Revenue Bonds to be payable from the revenues of the Water System; and

Whereas, it is hereby found and determined that it is necessary and required that the City authorize and issue at this time a series of bonds to provide money for the improvement of any plant and...

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