REPORT TO THE CITY COUNCIL
September 24, 2020
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT:
Title
Actions pertaining to issuance and sale of Series 2020A Bonds for construction of a new animal control facility:
1. ***RESOLUTION - Approving the issuance and sale of Series 2020A (tax exempt) bonds by the Fresno Joint Powers Financing Authority under the Master Lease Projects in a principal amount not to exceed an aggregate $22 million, authorizing the execution and delivery of all documents and the taking of all necessary action relating to the financing. (City action) (Requires 5 affirmative votes) (Subject to Mayor's veto)
2. RESOLUTION of the Fresno Joint Powers Financing Authority authorizing the issuance and sale of Series 2020A (tax exempt) bonds under the Master Lease Projects in a principal amount not to exceed an aggregate $22 million, authorizing the execution and delivery of all documents and the taking of all necessary action relating to the financing. (Authority action - Mayor Brand, Council President Arias, Councilmember Soria)
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 $22 million in Lease Revenue Bonds. 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 action relating to the financing.
EXECUTIVE SUMMARY
Staff is requesting that the Fresno Joint Powers Financing Authority authorize, and the City of Fresno approve, the issuance and sale of additional lease revenue bonds (...
Click here for full text