10-23-2023 RPT 12 - Laserfiche WebLink

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WATER ENERGY LIFE CITY OF RIVERSIDE lag PUBLIC UTILITIES RIVERSIDE PUBLIC UTILITIES Board Memorandum BOARD OF PUBLIC UTILITIES DATE: OCTOBER 23, 2023 SUBJECT: ISSUANCE OF ELECTRIC REVENUE BONDS, ISSUE OF 2024 ISSUE: Consider approval of the issuance of up to $290 million of fixed rate Electric Revenue Bonds to finance identified Electric Utility capital projects, refunding all or a portion of the outstanding 2008A Variable Rate Refunding Electric Revenue Bonds, 2008C Variable Rate Refunding Electric Revenue Bonds and 2011A Variable Rate Refunding Electric Revenue Bonds, and to pay all or a portion of the swap termination costs associated with any of the refunded Variable Rate Bonds. RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: 1. Approve the City's Financing Team, as described herein, for this transaction and authorize the Chief Financial Officer or any duly authorized designee to pay the costs of such firms in connection with the issuance of the 2024 Electric Revenue Bonds from bond proceeds; 2. Conduct a public hearing to consider the issuance of the 2024 Electric Revenue Bonds in an amount not -to -exceed $290 million; 3. Adopt a resolution authorizing the issuance of the 2024 Electric Revenue Bonds in an aggregate principal amount not -to -exceed $290 million; 4. Delegate to the City's Financing Team, at the time of Bond sale, the determination of specific maturities to be refunded, the amount of interest rate swaps to be terminated and the form of new bonds as outlined in Recommendation No. 3 above; and 5. Upon closing of the 2024 Electric Revenue Bonds, authorize the Chief Financial Officer, 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. BACKGROUND: Electric Utility Capital Projects The City Council approved a five-year Capital Improvement Program for the Electric Utility totaling approximately $287 million, of which $248 million is projected to be funded with bond proceeds