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Slide 3 <br />Water Revenue Bonds <br />Item #38 <br />Finance and Management Services Agency <br />June 4, 2024 <br />Background <br />•2019 Water Rate Study included recommendations for: <br />–Capital projects to maintain and improve the water delivery <br />system <br />–Debt issuance to pay for capital projects <br />–Rate increases to provide sufficient revenue for operations and <br />debt repayment <br />•January 2024 –City’s water rate engineering consultant <br />provided an updated recommendation to issue debt for capital <br />projects <br />•March 19 –Early Direction Budget Report included a plan to <br />issue water bonds <br />•April 2 –City Council approved Bond Counsel Agreement <br />•May 7 –City Council approved formation of new Public <br />Financing Authority JPA to issue bonds