HomeMy WebLinkAbout08/17/2016 6H AGENDA BILL � H
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Ordinance No. 5305 providing Study Session Date: August 10, 2016
for the issuance and sale of not to exceed COUNCIL MEETING Date: August 17, 2016
$9M principal amount of water and sewer Department: Financial Services
revenue bonds and delegating authority to Presenter: Cathy Johnson
the Mayor or Director of Financial Services . Phone: (360)473-5296
to approve final terms of the bonds
SUMMARY: Annually Financial Services performs an analysis of the Utilities revenue and capital
requirements for a six year horizon. The 2016 capital funding plan in this analysis anticipated the
issuance of revenue bonds to fund capital improvements to the utility system.
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 set the parameters under which this can
occur. By doing this, the City can react to changing market conditions quickly without being tied to a
date certain based on Council meeting schedules.
ATTACHMENTS: Ordinance No. 5305
FISCAL IMPACTS (Include Budgeted Amount): Issuance of the bonds and associated annual debt
service was anticipated in the 2016 adopted budget for the Water, Wastewater and Stormwater
funds.
STUDY SESSION AGENDA: ❑ No Presentation ❑x Full Presentation
STUDY SESSION ACTION: �x Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to approve Ordinance No. 5305 of the City of Bremerton, Washington, providing for the
issuance and sale of not to exceed $9M 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: [�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01l07/15