SUBJECT
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Consider adoption of Resolution authorizing the issuance of Utility System Revenue and Revenue Refunding Bonds, Series 2024 not to exceed $105,000,000.
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DESCRIPTION
Utility System Revenue and Revenue Refunding Bonds, Series 2024 (the "Bonds') would be issued to take advantage of advantageous market conditions and refund all or a portion of the outstanding Utility System Revenue Refunding Bonds, Series 2012, the outstanding Utility System Revenue and Refunding Bonds, Series 2013, the outstanding Utility System Revenue Refunding Bonds, Series 2014 A and C. This issue would also finance the cost of acquisition and construction of additions, extensions, and improvements to the Utility System, including, without limitation, the various System expansion projects and improvements. Total principal amount of Bonds not to exceed is $105,000,000 is requested to support Utilities’ Capital Program, refunding outstanding utility debt and pay costs associated with the issuance of these Bonds.
RECOMMENDATION
Adopt Resolution authorizing the issuance of Utility System Revenue and Revenue Refunding Bonds, 2024 in the aggregate principal amount not to exceed $105,000.000.
FISCAL IMPACT
Utility bonds in an aggregate principal amount not exceeding $105,000,000 plus related interest expense to be repaid by Utility system revenues with principal and interest payment budgeted in the appropriate Utility system fund upon issuance of the Bonds.
CONTACT INFORMATION
Dee Dee Beaver, CPA, Director
Comptroller Division
863-534-6508