03-23-2020 BPU RPT 07 - Laserfiche WebLink

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W A T E R E N E R G Y L I F E RIVERSIDE PUBLIC UTILITIES • ' Board Memorandum P U B L I C U T I L I T I E S BOARD OF PUBLIC UTILITIES DATE: MARCH 23, 2020 ITEM NO: 7 SUBJECT: RESOLUTION AUTHORIZING CERTAIN ACTIONS RELATED TO AN UNSCHEDULED MANDATORY TENDER, INTEREST RATE PERIOD CONVERSION, AND REMARKETING OF PREVIOUSLY AUTHORIZED AND ISSUED VARIABLE RATE REFUNDING ELECTRIC REVENUE BONDS, ISSUE OF 2011A; REMARKETING AGREEMENT WITH BANK OF AMERICA SECURITIES, INC., AND REIMBURSEMENT AGREEMENT, FEE LETTER AND REMARKETING STATEMENT WITH BANK OF AMERICA, N.A. ISSUES: Adopt a resolution authorizing certain actions related to an unscheduled mandatory tender, interest rate period conversion, and remarketing of the previously authorized and issued variable rate refunding electric revenue bonds, issue of 2011 A; approve the Remarketing Agreement with Bank of America Securities, INC.; and approve the Reimbursement Agreement, Fee Letter and Remarketing Statement with Bank of America, N.A.; RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: 1. Adopt a resolution authorizing certain actions related to an unscheduled mandatory tender, interest rate period conversion, and remarketing of the previously authorized and issued variable rate refunding electric revenue bonds, issue of 2011A; 2. Approve the Remarketing Agreement with Bank of America Securities, Inc.; 3. Approve the Reimbursement Agreement, Fee Letter, and Remarketing Statement with credit provider, Bank of America, N.A.; 4. Authorize the City Treasurer and the Public Utilities Department General Manager, or designee, to execute all documents, notices or instructions related to the unscheduled mandatory tender, interest rate period conversion, and remarketing of the previously authorized and issued variable rate refunding electric revenue bonds, issue of 2011 A; and 5. Affirm the financing team, as identified herein, for this transaction and authorize the City Treasurer or any duly authorized designee, to pay the costs of such firms in connection with the interest rate reset and tender, purchase and remarketing of the 2011A Bonds from the City's Electric Revenue Fund.