REPORT TO COUNCIL
SUBJECT
Title
Approve the Engagement Letter with J.P. Morgan Securities LLC to Support the Offering and Sale in a Public or Private Offering of Bond Anticipation Notes Associated with the City's Proposed Loan from the United States Environmental Protection Agency Under the Water Infrastructure Financing and Innovation Act (WIFIA) and Approve Budget Modification No. 8 in the amount of $275,000
Report
REPORT IN BRIEF
Approval is requested to accept the engagement with J.P. Morgan Securities LLC (J.P. Morgan) to support the offering and sale by the City in a public or private offering of Bond Anticipation Notes associated with the City's proposed loan from the United States Environmental Protection Agency under the Water Infrastructure Finance and Innovation Act (WIFIA) and approve Budget Modification No. 8 in the amount of $275,000.
EXISTING POLICY
Pursuant to Section 2.08.040 of the Sunnyvale Municipal Code, Council approval is required for the procurement of goods and/or services exceeding $100,000 in any one transaction.
Pursuant to Sunnyvale Charter Section 1305, at any meeting after the adoption of the budget, the City Council may amend or supplement the budget by motion adopted by affirmative votes of at least four members so as to authorize the transfer of unused balances appropriated for one purpose to another, or to appropriate available revenue not included in the budget.
ENVIRONMENTAL REVIEW
The WIFIA loan will fund projects contemplated by the Program Environmental Impact Report for the Sunnyvale Water Pollution Control Plant Master Plan (SCH #2015062037) (Master Plan PEIR), which was certified by the City Council on August 23, 2016. No additional environmental review is required.
BACKGROUND AND DISCUSSION
The Donald M. Somers Water Pollution Control Plant (WPCP) is one of the oldest wastewater treatment facilities on the West Coast. In 2016, City Council adopted a Master Plan, which serves as a guide for reconstruction of the W...
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