AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 08/07/2024
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
ADOPTION OF RESOLUTION NO. 2024-080, AUTHORIZING THE SALE AND ISSUANCE OF BONDS OF COMMUNITY FACILITIES DISTRICT NO. 2018-1 (BEDFORD) (IMPROVEMENT AREA NO. 2), AND APPROVING A FISCAL AGENT AGREEMENT, PURCHASE CONTRACT, CONTINUING DISCLOSURE CERTIFICATE (APPENDIX E TO THE PRELIMINARY OFFICIAL STATEMENT), PRELIMINARY OFFICIAL STATEMENT AND PREPARATION OF A FINAL OFFICIAL STATEMENT, AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS
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EXECUTIVE SUMMARY:
This staff report asks City Council to adopt Resolution No. 2024-080 (the "Resolution"), authorizing the issuance of bonds of Improvement Area No. 2 of Community Facilities District No. 2018-1 (Bedford) (the "District"), designated the 2024 Special Tax Bonds (the "Bonds"), and approving a Fiscal Agent Agreement, Purchase Contract, Continuing Disclosure Certificate (Appendix E to the Preliminary Official Statement), Second Amendment to the Funding and Acquisition Agreement, Preliminary Official Statement and Preparation of a Final Official Statement, and approving other related documents and actions.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Adopt the Resolution, authorizing the issuance of bonds for Community Facilities District N. 2018-1 (Bedford), designated 2024 Special Tax Bonds, appointing a fiscal agent, approving a fiscal agent agreement and purchase contract and authorizing negotiation of terms of the sale of said bonds, approving a preliminary official statement and authorizing preparation of a final official statement and approving a continuing disclosure certificate and approving other related documents and actions
b. Authorize the City Manager and the Finance Director to execute all related service agreements and purchase order for the financing team.
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BACKGROUND & HISTORY:
On June 20, 2018, the City Coun...
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