 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Crystal S. Feast | | DATE: | 1/3/2017 | | RE: | Second Reading, Ordinance No. 2017-2105: Authorizing Issuance of W&S Revenue Bond, Series 2017A |
REQUEST:
The City Council is asked to conduct a second reading of and approve 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.
Nikki Nate, Bond Counsel for the City, is available to answer any questions you may have related to provisions of the Ordinance.
RECOMMENDATION:
It is recommended that the City Council conduct a second reading of and approve Ordinance No. 2017-2105, which would authorize the issuance of issuance of Water and Sewer Revenue Bond, Series 2017A.
BUDGET/FISCAL IMPACT:
Any costs pertaining to this transaction will be paid from the proceeds derived from the refunding. Therefore, there is no impact on the City’s Operating Budget. | | | |