 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Crystal S. Feast, Finance Director | | DATE: | 12/20/2016 | | RE: | First Reading, Ordinance 2017-2105: Authorizing Issuance of Water & Sewer Revenue Bond, Series 2017A |
REQUEST:
The City Council is asked to conduct a first reading of Ordinance No. 2017-2105, which would authorize the issuance of a Water and Sewer Revenue Bond, Series 2017A. This bond will be used to finance the cost of acquiring 3 utility systems.
DISCUSSION:
The City’s vision is to expand its utility system to eventually be equipped to service its entire allowed service area, whether it be by utility service agreements or utility acquisitions. The City’s staff has identified an opportunity to purchase 3 utility systems, namely Lakewood Villas, Barbara Ann Acres, and Silver Oaks. On November 15, 2016, the City Council approved Resolution No. 2017-03, which authorized the acquisition of these 3 utility systems.
Jerry Ford and Will Reed, of Ford & Associates, Inc., City’s Financial Advisor, will present a summary of the City’s plan to finance this transaction, which includes the issuance of the aforementioned Bond.
Duane Draper, Bond Counsel for the City, who is also present this evening, has drafted the Ordinance before you, which authorizes the issuance of a Water and Sewer Revenue Bond, Series 2017A, to finance the cost of acquiring 3 utility systems. He will discuss key provisions within the ordinance. He will also discuss Resolution No. 2017-08, which will be presented for your approval later in the agenda.
RECOMMENDATION:
It is recommended that the City Council conduct a first reading of the Ordinance, which would authorize the issuance of issuance of Water and Sewer Revenue Bond, Series 2017A. The Ordinance is scheduled for a second reading on January 3, 2017.
BUDGET/FISCAL IMPACT:
No budget or fiscal impact related to the first reading of this Ordinance. | | | |