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REQUEST FOR <br />COUNCIL / FINANCING <br />AUTHORITY ACTION <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />JANUARY 20, 2004 <br /> <br />TITLE: <br /> <br />PUBLIC HEARING - REFUNDING OF <br />WATER REVENUE BONDS, SERIES <br />1994 <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />APPROVED [] As Recommended <br /> [] As Amended <br /> [] Ordinance on 1st Reading <br /> [] Ordinance on 2nd Reading <br /> [] Implementing Resolution <br /> [] Set Public Hearing For <br /> <br />CONTINUED TO <br /> <br />FILENUMBER <br /> <br />RECOMMENDED ACTION, <br /> <br />CITY COUNCIL ACTION <br /> <br />Adopt a resolution authorizing the execution of documents and <br />related actions necessary for the issuance of Santa Aha Financing <br />Authority Water Revenue Refunding Bonds, Series 2004 in an <br />aggregate amount not to exceed $22 million. <br /> <br />Approve a financing team composed of underwriter <br />& DeDios Inc., financial advisor Northcross, Hill <br />counsel Orrick, Herrington & Sutcliffe LLP. <br /> <br />Kinsell, Newcomb <br />& Ach, and bond <br /> <br />FINANCING AUTHORITY ACTION <br /> <br />Adopt a resolution authorizing the execution of documents and <br />related actions necessary for the issuance of Santa Aha Financing <br />Authority Water Revenue Refunding Bonds, Series 2004 in an <br />aggregate amount not to exceed $22 million. <br /> <br />Approve a financing team composed of underwriter Kinsell, Newcomb & <br />DeDios, financial advisor Northcross, Hill & Ach, and bond counsel <br />Orrick, Herrington & Sutcliffe LLP. <br /> <br />DISCUSSION <br /> <br />On August 24, 1994, the Santa Aha Financing Authority (the "Authority") <br />issued Water Revenue Bonds, Series 1994 in the amount of $21,090,000 to <br />finance capital improvements relating to the City's water system. The <br />financing mechanism proposed for the debt issuance of the bonds required <br />that the Authority issue bonds, with the City covenanting to make annual <br />installment payments, secured by water system net revenues, equal to the <br /> <br />Page 205 75.D. <br /> <br /> <br />