AGENDA REPORT
REQUEST FOR CITY COUNCIL
AND
CORONA UTILITY AUTHORITY ACTION
DATE: 7/5/2018
TO: Honorable Mayor and City Council Members
Honorable President and Board Members
FROM: Administrative Services Department
SUBJECT:
Title
City Council and Corona Utility Authority consideration to adopt Resolution No. 2018-052 authorizing the issuance of bonds of Community Facilities District No. 2018-1 (Bedford) designated 2018 Special Tax Bonds (Improvement Area No. 1), appointing fiscal agent, approving Fiscal Agent Agreement and Purchase Contract and authorizing negotiation of terms of the sale of said bonds, approving Preliminary Official Statement and authorizing preparation of Final Official Statement and approving Continuing Disclosure Certificate.
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RECOMMENDED ACTION:
Recommended action
That the City Council:
1. Adopt Resolution No. 2018-052 authorizing the issuance of bonds of Community Facilities District No. 2018-1 (Bedford) designated 2018 Special Tax Bonds (Improvement Area No. 1) (the "Bonds"), appointing fiscal agent, approving Fiscal Agent Agreement and Purchase Contract and authorizing negotiation of terms of the sale of said bonds, approving Preliminary Official Statement and authorizing preparation of Final Official Statement and approving Continuing Disclosure Certificate.
2. Authorize the City Manager and the Assistant City Manager/Administrative Services Director to execute all related service agreements and purchase orders for the financing team.
3. Authorize the Purchasing Agent to increase Purchase Order P20751 in the amount of $7,500.
4. Corona Utility review, ratify and to the extent necessary direct the City Council to take the above actions.
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ANALYSIS:
On June 20, 2018, Community Facilities District No. 2018-1 (Bedford) of the City of Corona (the "District") was established by adoption by the City Council of a Resolution of Formation, which resolution designated five improvement areas within the District; on the s...
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