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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: OCTOBER 23, 2023 <br />SUBJECT: OFFICIAL STATEMENT AND CONTINUING DISCLOSURE CERTIFICATE FOR <br />THE 2023 REFUNDING ELECTRIC REVENUE BONDS <br />ISSUE: <br />Consider approval of the Official Statement and Continuing Disclosure Certificate for the 2023 <br />Refunding Electric Revenue Bonds. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />1. Adopt the attached Resolution to approve the Official Statement and Continuing Disclosure <br />Certificate for the 2023 Refunding Electric Revenue Bonds; and <br />2. Delegate to the City Manager, the Chief Financial Officer/Treasurer, the Deputy Chief <br />Financial Officer/Treasurer, and the Public Utilities General Manager of the City (or any <br />duly authorized designee of any of such officers) the authority to execute other documents <br />as may be necessary to carry out the plan of finance authorized under the Twentieth <br />Supplemental Resolution. <br />BACKGROUND: <br />Twentieth Supplemental Resolution <br />On September 11, 2023, the Twentieth Supplemental Resolution was presented to the Board of <br />Public Utilities. The Resolution authorizes the issuance of up to $165 million of Refunding Electric <br />Revenue Bonds to refund all or a portion of the outstanding 2013A Refunding Electric Revenue <br />Bonds, 2008A Variable Rate Refunding Electric Revenue Bonds, 2008C Variable Rate Refunding <br />Electric Revenue Bonds and 2011A Variable Rate Refunding Electric Revenue Bonds, and to pay <br />all or a portion of the termination costs associated with any of the refunded Variable Rate Bonds. <br />Continuing Disclosure Requirements and Official Statement <br />For any public bond sale, the City must approve the Continuing Disclosure Certificate and Official <br />Statement for the bond issuance. Both documents are connected to the public disclosure of <br />information about the City and Utility, for the benefit of investors, and are prepared to ensure the <br />City complies with Securities and Exchange Commission (SEC) Rule 15c2-12. Continuing <br />Disclosure Certificates and Official Statements have been prepared and approved as part of every <br />public bond sale the Utility has completed. The Continuing Disclosure Certificate details the <br />