Title
Approval of issuance of Bonds and Adoption of Resolution - $37,300,000 Variable Rate Subordinated Utilities System Revenue Bonds, 2002 Series A, and $40,000,000 Variable Rate Subordinated Utilities System Revenue Bonds, 2002 Series B. (NB)
Explanation
On May 13, 2002, the City Commission approved the issuance of Utilities System Revene Bonds for the purpose of: 1) Refunding of a portion of the Utilities System Revenue Bonds, Series 1992B; 2) Refunding a portion of the Utilities Tax-Exempt Commercial Paper; and 3) Providing for the Costs of Acquisition and Construction (Capital Costs)
The Resolution before the Commission for action formally authorizes the approved transaction. There are multiple exhibits to the authorizing Resolution that are adopted when the Resolution is adopted.
Utility staff will give a brief update to the City Commission on the success of the transaction, the documents in front of you and will be available for questions.
Recommendations
The City Commission adopt the Resolution.