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8D Consent 2007 0416
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8D Consent 2007 0416
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Last modified
5/4/2007 12:38:04 PM
Creation date
4/12/2007 12:16:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/16/2007
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PERM
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_CC Agenda 2007 0416
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2007\Packet 2007 0416
PFA Reso 2007-002
(Reference)
Path:
\City Clerk\City Council\Resolutions\2007
Reso 2007-053
(Reference)
Path:
\City Clerk\City Council\Resolutions\2007
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<br />Refunding of the 1999 Certificates <br /> <br />Page 4 of 5 <br /> <br />Continuing Disclosure Certificate. This certificate is signed by the City and satisfies SEC <br />rules regarding continuing disclosure for the issuance of Certificates (SEC Rule 15c2-12(b)(5)). <br />The certificate obligates the City to continue to provide information regarding the City and the <br />Refunding Certificates to the secondary (bond) market as long as the Refunding Certificates are <br />outstanding. <br /> <br />Notice Inviting Bids and the Notice of Intention to Sell. This document is the notice provided <br />to the underwriting community regarding the sale of the Refunding Certificates and the manner <br />in which the firms must submit their bid for the purchase ofthe Refunding Certificates. <br /> <br />Preliminary Official Statement. This document is the public offering statement for the <br />issuance of the Refunding Certificates. This document thoroughly describes the financing <br />program, the public improvements to be fmanced, the economic, financial and demographic <br />characteristics of the City. <br /> <br />Financine: Team Participants <br />City Staff received bids from three different firms to underwrite the bonds and serve as financial <br />advisor to the City. The firms include Citigroup, Sutter Securities and E. Wagner and <br />Associates. <br /> <br />On February 20, 2007 Staff took the proposal to refinance the 1999 Certificates to the Finance <br />Committee for their review and approval. The Finance Committee directed staff to proceed with <br />the refunding of the 1999 Certificates and to work with the following consultants to bring the <br />necessary documents to the City Council to complete the refinancing: <br /> <br />Name of Firm <br />Jones Hall <br />E. Wagner & Associates, Inc. <br />U. S. Bank National Association <br /> <br />Role <br />Special Counsel <br />Financial Advisor <br />Trustee <br /> <br />All fees associated with this fmancing will be paid from Refunding Certificate proceeds. <br /> <br />FINANCING SCHEDULE <br /> <br />The following is the fmancing schedule: <br /> <br />Date of: <br />April 16, 2007 <br /> <br />Description of Activity <br /> <br />· Council Adopts the Resolutions Authorizing Sale of Certificates and <br />Approval of Legal Documents <br /> <br />· Receive Rating and/or Bond Insurance <br /> <br />· Print and Mail Preliminary Official Statement, Official Notice of Sale and <br />Bid Form. <br /> <br />April 16, 2007 <br />April 17, 2007 <br />
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