Approval of Members of Financing Team for Refunding of the 1999 Wastewater Facilities Refunding Revenue Bonds and Approval of Professional Services Agreements with Fieldman Rolapp and Associates and Richards Watson and Gershon. City of Culver City California City Council Agenda Item Report Meeting Date: 06/08/09 AGENDA ITEM: Approval of Members of Financing Team for Refunding of the 1999 Wastewater Facilities Refunding Revenue Bonds and Approval of Professional Services Agreements with Fieldman Rolapp and Associates and Richards Watson and Gershon. Contact Person/Dept.: Jeff Muir CFO Phone Number: 310 253 5865 Item Number: C 4 Fiscal Impact: Yes X No General Fund: Yes No X Action Item: Public Hearing: Public Notification: Master E Mail Notification List (6/3/09); Fieldman Rolapp via email (6/4/09); Richards Watson Gershon via email (6/4/09) Department Approval: Jeff Muir (06/02/09) Chief Financial Officer Approval: Jeff Muir (06/02/09) City Attorney Approval: Carol Schwab (by H. Baker) (06/03/09) City Manager Approval: Mark Scott (06/03/09) Attachments: RECOMMENDATION: Staff recommends the City Council approve the selection of Fieldman Rolapp & Associates Inc. for financial advisory services and Richards Watson & Gershon to serve as bond and disclosure counsel for the refunding of the Wastewater Facilities Refunding Revenue Bonds 1999 Series A and approve related professional services agreements. BACKGROUND/DISCUSSION: In 1999 the City issued $25 million in revenue bonds for the Wastewater (Sewer) utility. These bonds primarily refunded prior debt as well as provided about $6 million in additional funds used for capital improvements to the sewer system. The 1999 bonds had a ten year restriction on when they could be refunded meaning 2009 is the first opportunity to refund the bonds. A bond refunding is basically refinancing existing debt to take advantage of lower market rates much like a homeowner would refinance their mortgage to get a lower interest rate. Staff h...
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