April 6, 2017
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
Actions pertaining to Refinance of City of Fresno Lease Revenue Bonds:
1. ***RESOLUTION - Approving the issuance and sale of Series 2017A (tax exempt) and Series 2017B (federally taxable) bonds by the Fresno Joint Powers Financing Authority under the Master Lease Projects in a principal amount not to exceed an aggregate $140 million, authorizing the execution and delivery of all documents and the taking of all necessary action relating to the financing. (City action)
2. RESOLUTION of the Fresno Joint Powers Financing Authority authorizing the issuance and sale of Series 2017A (tax exempt) and Series 2017B (federally taxable) bonds under the Master Lease Projects in a principal amount not to exceed an aggregate $140 million, authorizing the execution and delivery of all documents and the taking of all necessary action relating to the financing. (Mayor Brand, Council President Olivier, Successor Agency Chair Baines)
3. Approval of a revised Debt Management Policy. (City action)
Body
RECOMMENDATION
Staff recommends adoption of the subject resolutions approving the issuance by the Fresno Joint Powers Financing Authority (JPFA) of up to an aggregate principal amount not to exceed $140 million in Lease Revenue Bonds, and approval of a revised Debt Management Policy. Staff also recommends approving the execution and delivery of amendments to the Master Trust Agreement, the Master Facilities Lease, the Master Facilities Sublease, an Escrow Agreement, a Bond Purchase Contract, an Official Statement and a Continuing Disclosure Certificate; and authorizing the taking of all necessary actions relating to the financing.
EXECUTIVE SUMMARY
Staff is requesting that the Fresno Joint Powers Financing Authority authorize, and the City of Fresno approve, the issu...
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