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CC - Adoption of a Resolution of the City Council of the City of Culver City Authorizing the Issuance of Approximately $24,000,000 Aggregate Principal Amount of Wastewater Facilities Revenue Bonds, 2019 Series A to Finance and Refinance Costs of the City's Wastewater System, and Approving the Execution and Delivery of Certain Documents in Connection therewith and Certain Other Matters.
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Meeting Date: September 23, 2019
Contact Person/Dept: Onyx Jones/Finance
Phone Number: (310) 253-6016
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: []
Commission Action Required: Yes [] No [] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (09/17/2019);
Department Approval: Onyx Jones, Chief Financial Officer (09/11/19)
Charles D. Herbertson, Public Works Director/City Engineer (09/12/19)
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RECOMMENDATION
Staff recommends the City Council adopt a Resolution authorizing the issuance of Wastewater Facilities Revenue Bonds, 2019 Series A (the "2019 Bonds") to refinance the outstanding $12.31 million in 2009 Wastewater Facilities Revenues Bonds and finance up to $12 million for capital improvement costs related to the City's Wastewater System, (see p. 29 of Attachment 5, Preliminary Offering Statement), and approving the execution and delivery of certain documents in connection therewith and certain other matters.
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 Series A Wastewater Bonds. Pursuant to the 2009 Indenture, the City makes debt service payments secured by net revenues from the wastewater enterprise system.
The 2009 Bonds have an interest...
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