10-24-2022 BPU RPT 10 - Laserfiche WebLink

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RIVERSIDE PUBLIC UTILITIES Board Memorandum BOARD OF PUBLIC UTILITIES DATE: OCTOBER 24, 2022 SUBJECT: ISSUANCE OF 2022A WATER REVENUE BONDS AND INTEREST RATE MODE CONVERSION AND REMARKETING OF THE 2011A VARIABLE RATE REFUNDING WATER REVENUE BONDS ISSUE: Consider approval of the issuance of up to $70 million of Water Revenue Bonds to finance identified Water Utility capital projects and to pay bond issuance; along with the interest rate mode conversion and remarketing of $24.05 million 2011A Variable Rate Refunding Water Revenue Bonds to be supported by a Letter of Credit issued by PNC Bank, National Association. RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: 1. , for these transactions and authorize the Chief Financial Officer/Treasurer or any duly authorized designee to pay the costs of such firms in connection with the interest rate reset and tender, purchase and connection with the new money issuance of the 2022A Water Revenue Bonds from bond proceeds; 2. Conduct a public hearing to consider the issuance of new money 2022A Water Revenue Bonds in an amount not-to-exceed $70 million; 3. Adopt a resolution authorizing the issuance of the 2022A Water Revenue Bonds in an aggregate principal amount not to exceed $70 million; 4. Adopt a resolution authorizing certain actions related to an unscheduled mandatory tender, interest rate mode conversion and remarketing of the previously authorized and currently outstanding 2011A Bonds including approval of a Reimbursement Agreement and Fee Letter with PNC Bank, National Association and Remarketing Statement for the 2011A Bonds; and 5. Upon closing of the 2022A Water Revenue Bonds, authorize the Chief Financial Officer/Treasurer, or designee, to make the necessary budget adjustments and/or appropriations to properly record the refunding and financing expenses in accordance with governmental accounting standards.