The City has been working with Piper Jaffray on selling sewer revenue bonds.  The proceeds will be used for improvements consisting of upgrades to the City's wastewater treatment plant and facilities.  The City Council needs to approve issuing bonds for the project and set parameters for the bonds.  

The Series 2017 Bonds shall be sold to the underwriters on the terms and at a purchase price subject to the following limitations and conditions:
(1) the maximum aggregate principal amount of the Series 2017 Bonds, exclusive of original issue discount or premium, shall not exceed $66,000,000:
(2) the maximum true interest cost on the Series 2017 Bonds shall not exceed 4.25%;
(3) the purchase price of the Series 2017 Bonds shall not be less than 99% of the principal amount thereof, exclusive of original issue premium or discount; and
(4) the final stated maturity of the Series 2017 Bonds shall not be later than 25 years from their date of issue. 
















 



 

The City Council may approve or not approve the resolution.  If the Council does not approve a resolution, staff will not be able to secure bond financing for the proposed wastewater plant improvements. 

Once the resolution is approved, a bond purchase agreement will be executed containing the agreement of the City to sell, and the agreement of Piper Jaffray to purchase the Series 2017 bonds.

Staff recommends that the City Council approve the resolution authorizing a bond sale and prescribing the terms of the bonds.