eComments During Meetings: When available, click here to submit eComments during a live meeting | Attendees must register here to attend all virtual meetings.

File #: 18-0458    Version: 2 Name:
Type: Resolution Status: Action Item
File created: 10/26/2017 In control: City Council Meeting Agenda
On agenda: 11/6/2017 Final action:
Title: SA - Adoption of a Resolution Approving a Form of Preliminary Official Statement in Connection with the Sale and Delivery of Tax Allocation Refunding Bonds; Confirming Actions Previously Taken, Including Approval of a Form of Purchase Contract; Making Certain Determinations Relating Thereto; and Authorizing Certain Other Actions in Connection Therewith.
Attachments: 1. 2017-11-06_ATT_Resolution_Debt Policy and Disclosure Procedures_FINAL.pdf, 2. [AGENDA VERSION] Preliminary Offficial Statement - Culver City Successor Agency.pdf
title
SA - Adoption of a Resolution Approving a Form of Preliminary Official Statement in Connection with the Sale and Delivery of Tax Allocation Refunding Bonds; Confirming Actions Previously Taken, Including Approval of a Form of Purchase Contract; Making Certain Determinations Relating Thereto; and Authorizing Certain Other Actions in Connection Therewith.

body
Meeting Date: November 6, 2017

Contact Person/Dept: Jeff Muir/Finance

Phone Number: (310) 253-5865

Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []

Public Hearing: [] Action Item: [X] Attachments: [X]

Commission Action Required: Yes [] No [X] Date:

Public Notification: (E-Mail) Meetings and Agendas - Successor Agency (11/01/17);

Department Approval: Jeff Muir, Chief Financial Officer (10/26/17)
_____________________________________________________________________


RECOMMENDATION

Staff recommends the Successor Agency Board adopt the proposed Resolution approving a form of Preliminary Official Statement in connection with the sale and delivery of tax allocation refunding bonds; confirming actions previously taken, including approval of a form of Purchase Contract; making certain determinations relating thereto; and authorizing certain other actions in connection therewith.


EXECUTIVE SUMMARY

The Successor Agency is asked to adopt a Resolution approving the form and authorizing the distribution of a preliminary official statement ("Preliminary Official Statement") in connection with the issuance of tax-exempt and taxable refunding bonds ("Refunding Bonds"), confirming actions previously taken in connection with the sale of the Refunding Bonds, including approval of a form of a Bond Purchase Agreement ("BPA") between the Successor Agency and the underwriter. Staff estimates that refunding the outstanding bonds will save an average of $2.685 million per year based on current market conditions, directly benefitting all of the taxing e...

Click here for full text