REPORT TO COUNCIL
SUBJECT
Title
Approve Two Resolutions Authorizing the Advance Refunding of the City's Water Revenue Bonds, Series 2010 and Wastewater Revenue Bonds, Series 2010, Approval of the Official Documents Related to the Transactions, and Award a Contract in an Amount of $193,000 plus Incidental Expenses to Jones Hall, A Professional Law Corporation for Bond and Disclosure Counsel Services, and Find that these Actions are Exempt from CEQA
Report
REPORT IN BRIEF
Staff recommends that the City Council adopt a resolution which authorizes, including the approval of all official documents and related actions, the issuance of a City of Sunnyvale Water Revenue Refunding Bonds, Series 2017 (the "2017 Water Refunding Bonds") in an amount not to exceed $20,000,000 and at an interest rate not to exceed 4.5%, to advance refund the City's outstanding Water Revenue Bonds, Series 2010 for debt service savings.
Staff also recommends that the City Council adopt a resolution which authorizes, including the approval of all official documents and related actions, the issuance of a City of Sunnyvale Wastewater Revenue Refunding Bonds, Series 2017 (the "2017 Wastewater Refunding Bonds" and, with the 2017 Water Refunding Bonds, the "2017 Refunding Bonds") in an amount not to exceed $27,500,000 and at an interest rate not to exceed 4.5%, to advance refund the City's outstanding Wastewater Revenue Bonds, Series 2010 for debt service savings.
The City has one outstanding water revenue bond issue and one outstanding wastewater revenue bond issue. The City of Sunnyvale Water Revenue Bonds, Series 2010 (the "2010 Water Bonds") advance refunded the portion of the Sunnyvale Financing Authority Water and Wastewater Bonds issued in 2001 (the "2001 Water and Wastewater Bonds") that was allocable to Water System improvements, and financed new capital improvements to the City's Water System. The City of Sunnyvale Wastewater Revenue Bonds, Series 2010 (the "2010 Wastewater Bonds" and,...
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