Title
RESOLUTION - NO. R-25-482 - BY: COUNCILMEMBER GIARRUSSO
Brief:
A RESOLUTION stating that the issuance of the Water Revenue Bonds in the amount of not exceeding Ninety-One Million Dollars ($91,000,000) for the purposes set forth in the preamble hereto is hereby approved. The Water Revenue Bonds shall be issued in one or more series, each of which shall bear interest at a rate or rates not exceeding two and forty-five hundredths percent (2.45%) per annum (including any Administrative Fee associated therewith), to be determined by subsequent resolution of the Board of Liquidation, and shall mature no later than thirty-two (32) years from the date thereof. It is presently anticipated that a portion of the Water Revenue Bonds in the approximate principal amount of $66,000,000 will be non-interest bearing and will benefit from the forgiveness of 49% of the total principal amount of such portion as advanced, and a portion of the Water Revenue Bonds in the approximate principal amount of $25,000,000 will benefit from the forgiveness of 49% of the total principal amount of such portion, up to a maximum of $3,000,000 forgiven, as advanced. As provided in the Act, the Water Revenue Bonds are to be payable out of revenues derived from water rates for purposes relating to the water system of the City (the "Water System"), after provision has been made for the payment from said revenues of the costs of operating and maintaining the Water System.
Annotation:
(This matter was introduced 9/25/25).
(Budget Committee recommended approval).
ADOPTED.