The City has determined the need to undertake improvements to the City’s stormwater utility infrastructure, as more particularly identified in the City’s Stormwater Master Plan and stormwater infrastructure as a component of the street reconstruction funded by the Series 2014 Public Improvement Revenue Bonds (collectively, the “Projects”).

The City desires to finance a portion of the cost of the Projects through the issuance by the City, from time to time, of its Stormwater Utility Revenue Bonds in an amount not to exceed $10,000,000 (the “Bonds”).

The Bonds will be payable from and secured by the revenues of the City’s stormwater management utility and, if necessary, such other non ad valorem sources of revenues as shall be determined by subsequent resolution of the City Council of the City.

The City’s Debt Management Policy approved October 2, 2013 (the “Debt Management Policy”), provides guidelines and procedures for the issuance of bonds and other debt obligations by the City.

This resolution authorizes the Director of Finance and Administrative Services to move towards the issuance of debt. The resolution accepting  and authorizing the terms of the bonds will be brought back to the Council at a future meeting.