HomeMy WebLinkAbout08/20/2014 9C 9�
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Ordinance No. 5255 providing Study Session Date:
for the issuance and sale of not to exceed August 13, 2014
$8,000,000 principal amount of water and COUNCIL MEETING Date: August 20, 2014
sewer revenue bonds and delegating Department: Financial Services
authority to the Mayor or Director of Presenter: Cathy Johnson
Financial Services to approve final terms of Phone: 473-5296
the bonds
SUMMARY: In April of 2013 the City completed and adopted a comprehensive rate study on its
Water, Wastewater and Stormwater utilities. The study included an analysis of the revenue and
capital requirements for a six year horizon. The capital funding plan in this analysis anticipated the
issuance of revenue bonds to partially fund capital improvements to the utility system. Proceeds of
the bonds will fund capital improvements identified in the capital improvement plan for the Water and
Wastewater funds ($2M and $5M respectively), associated bonds reserves and costs of issuance.
The attached ordinance delegates to the Mayor or Director of Financial Services the ability to set the
date and rates for the final sale of the bonds. The ordinance sets the parameters under which this
can occur. By doing this, the City can react to changing market conditions quickly without begin tied
to a date certain based on Council meeting schedules.
ATTACHMENTS: Ordinance No. 5255
FISCAL IMPACTS (Include Budgeted Amount): Issuance of the bonds and associated annual debt
service was anticipated in the 2014 adopted budget for the Water and Wastewater funds. The
amounts correspond to those anticipated in the 2013 rate study.
STUDY SESSION AGENDA: ❑ No Presentation 0 Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda ❑x General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to approve Ordinance No. 5255 of the City of Bremerton, Washington, providing for the
issuance and sale of not to exceed $8,000,000 principal amount of water and sewer revenue bonds
and delegating authority to the Mayor or Director of Financial Services to approve final terms of the
bonds.
COUNCIL ACTION: iApprove ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/25/13