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09-11-2023 BPU
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09-11-2023 RPT 07
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09-11-2023 BPU AGENDA
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WATER ENERGY LIFE <br />CITY OF <br />RjVEIZSIDE <br />lag <br />PUBLIC UTILITIES <br />RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br />BOARD OF PUBLIC UTILITIES <br />DATE: SEPTEMBER 11, 2023 <br />SUBJECT: ISSUANCE OF REFUNDING ELECTRIC REVENUE BONDS, ISSUE OF 2023 <br />ISSUE: <br />Consider approval of the issuance of up to $165 million of fixed rate Refunding Electric Revenue <br />Bonds to refund all or a portion of the outstanding 2013A Refunding Electric Revenue Bonds, <br />2008A Variable Rate Refunding Electric Revenue Bonds, 2008C Variable Rate Refunding Electric <br />Revenue Bonds and 2011A Variable Rate Refunding Electric Revenue Bonds, and to pay all or a <br />portion of the swap termination costs associated with any of the refunded Variable Rate Bonds. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />1. Approve the City's Financing Team, as described herein, for this transaction and authorize <br />the Chief Financial Officer or any duly authorized designee to pay the costs of such firms <br />in connection with the issuance of the 2023 Refunding Electric Revenue Bonds from bond <br />proceeds; <br />2. Conduct a public hearing to consider the issuance of the 2023 Refunding Electric Revenue <br />Bonds in an amount not -to -exceed $165 million; <br />3. Adopt a resolution authorizing the issuance of the 2023 Refunding Electric Revenue Bonds <br />in an aggregate principal amount not -to -exceed $165 million; <br />4. Delegate to the City's Financing Team, at the time of Bond sale, the determination of <br />specific maturities to be refunded, the amount of interest rate swaps to be terminated and <br />the form of new bonds as outlined in Recommendation No. 3 above; and <br />5. Upon closing of the 2023 Refunding Electric Revenue Bonds, authorize the Chief Financial <br />Officer, or designee, to make the necessary budget adjustments and/or appropriations to <br />properly record the refunding and financing expenses in accordance with governmental <br />accounting standards. <br />
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