Ordinance No. 2017-2105, which authorizes the issuance of the Water & Sewer Revenue Bond, Series 2017A, is being brought before you to conduct another second reading and authorization. 

As you know, the issuance of the Water & Sewer Revenue Bond, Series 2017A, is 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. 

On January 3, 2017, City Council conducted a second reading Ordinance No. 2017-2105 and approved the issuance of the above mentioned bond.  However, subsequently, it was discovered that, due to miscommunication between the local newspaper and city staff, the public notice of the reading on January 3, 2017 didn’t reach residents properly.  Since then, proper public notice has been made notifying residents of tonight’s reading. 

This small technical error resulted in the following changes:

-          The closing of the debt has been deferred until February 10, 2017, which allows for time to get the public notice out and have City Council reconsider the Ordinance. The original closing date was January 20, 2017. 

-          Amendments to the Utility Asset Acquisition Agreements are needed – these amendments simply extend the closing date deadline in the agreements to February 10, 2017.