BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Resolution of the Board of Directors of the Santa Clara Valley Water District Authorizing the Issuance of Not To Exceed $65 Million Water System Refunding Revenue Bonds, Series 2017A, Approving the Execution and Delivery of Certain Documents and Authorizing Certain Acts In Connection Therewith.
End
RECOMMENDATION:
Recommendation
A. Adopt a RESOLUTION OF THE BOARD OF DIRECTORS OF THE SANTA CLARA VALLEY WATER DISTRICT AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $65,000,000 WATER SYSTEM REFUNDING REVENUE BONDS, SERIES 2017A, APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTS IN CONNECTION THEREWITH;
B. Authorize and direct the Interim Chief Executive Officer, Chief Operating Officer-Administration, Chief Financial Officer, Treasury/Debt Officer, District Counsel, and the Clerk of the Board of Directors and such other officers and staff of the District, acting singly, to do any and all things and to execute and deliver any and all documents which such officers may deem necessary or advisable in order to consummate the sale and delivery of the Refunding Revenue Bonds; and
C. Approve the suspension of Wells Fargo Bank from the District's Negotiated Sale Underwriter Pool through September 27, 2017.
Body
SUMMARY:
Approval of staff recommendations will allow the District to issue a principal amount of up to $65 million Water System Refunding Revenue Bonds, Series 2017A (2017 Bonds) to: (i) refund all of the currently outstanding Water Utility System Revenue Certificates of Participation, Series 2007A (2007A COPs); and (ii) pay costs of issuance of the 2017 Bonds.
The 2007A COPs were issued in September 2007 with a principal amount of $77.27 million. The debt proceeds were used to pay for capital costs of water utility system improvements, purchase a debt service reserve surety bond, and pay capitalized interest and costs of issuance associated with the 2007A COPs. The 2007A COPs with...
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