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 $120 Million of Water System Refunding Revenue Bonds, Approving the Execution and Delivery of Certain Documents and Authorizing Certain Acts In Connection Therewith.
End
RECOMMENDATION:
Recommendation
A. Adopt a Resolution AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $120 MILLION OF WATER SYSTEM REFUNDING REVENUE BONDS, SERIES 2019A AND TAXABLE SERIES 2019B, APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTS IN CONNECTION THEREWITH; and
B. Authorize and direct the Chief Executive Officer, 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.
Body
SUMMARY:
Approval of staff recommendations will allow the District to issue a principal amount of up to $120 million of Water System Refunding Revenue Bonds, Series 2019A (Tax-Exempt) and Series 2019B (Taxable) (the "2019A Bonds" and the "2019B Bonds," respectively, and collectively, the "Bonds") to: (i) pay the portion of the currently outstanding Commercial Paper Certificates, Series A (Tax-Exempt) and Series B (Taxable) issued to finance projects for the water utility system (the "CP Certificates"); and (ii) pay issuance costs of the Bonds.
Method of Sale and Financing Plan
The Bonds will be sold on a negotiated basis utilizing a team of underwriters including Stifel, Nicolaus & Company, Inc. ("Stifel"), Barclays Capital Inc. and Fidelity Capital Markets (collectively, the "Underwriters"). The Underwriters are members of the District's underwriter pool, which was established in 2012 pursuant to a c...
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