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CC - Approval of Letter of Engagement with Stifel Nicolaus, Underwriter, and a Professional Services Agreement with Stradling Yocca Carlson & Rauth, Bond/Disclosure Counsel, for Services Necessary to (1) Complete the Refinancing of the City of Culver City Wastewater Revenue Bonds, Series 2009 for Interest Rate Savings; and (2) Complete the Issuance of Wastewater Revenue Bonds for $12 Million of Wastewater Projects.
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Meeting Date: July 8, 2019
Contact Person/Dept: Kambiz Borhani/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: []
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (07/02/19);
Department Approval: Onyx Jones, Chief Financial Officer (06/28/19)
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RECOMMENDATION
Staff recommends the City Council approve letter of engagement with Stifel Nicolaus ("Stifel"), Underwriter, and a professional services agreement with Stradling Yocca Carlson & Rauth ("Stradling"), bond/disclosure counsel, for the services necessary to (1) complete the refinancing of the City of Culver City Wastewater Revenue Bonds, Series 2009 for interest rate savings and (2) complete the issuance of wastewater revenue bonds for $12 million of wastewater projects.
Should Council accept and authorize staff to proceed, the financing team of Stifel and Stradling, and the City's financial advisor, Urban Futures, will proceed with the financing and will return to City Council at a later date for final authorization to issue the bonds.
BACKGROUND
On July 21, 2009, the City of Culver City (the "City") issued $20.085 million of Wastewater Facilities Refunding Revenue Bonds 2009 Series A (Bank Qualified) (the "2009 Bonds"). The 2009 Bonds were issued to currently refund the City's prior 1999...
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