Joint Special
Council/Successor Agency
04/7/26 05:30 PM
Finance
Sydnie Harris
Resolution
Doc ID: 6351
AGENDA ITEM
AGENDA MATTER:
ADOPTING RESOLUTION XXX-2026 APPROVING THE PRELIMINARY OFFICIAL STATEMENT AND
THE CONTINUING DISCLOSURE CERTIFICATE IN CONNECTION WITH THE ISSUANCE AND SALE
BY THE CITY OF BARSTOW OF ITS LOCAL MEASURE I TRANSPORTATION SALES TAX REVENUE CERTIFICATES OF PARTICIPATION, SERIES 2026 (“THE CERTIFICATES”) EXECUTIVE SUMMARY:
On January 20, 2026, the City Council held a workshop to discuss the conditions of the City’s streets and roads as well as priority projects. The City Council considered Local Measure I Transportation Sales Tax financing options regarding implementation, structure, and potential impacts on future Measure I funds available for maintenance. Ultimately, the City Council gave direction to staff to proceed with pursuing a financing secured by Local Measure I funds that would maximize proceeds for the FY25-26 Street Rehabilitation Project (“Project”).
On February 3, 2026, the City Council awarded the Project to Sully Miller Contracting, approved an overall Project budget of $16,323,788, and approved a Task Order with Merrell Johnson Engineering for construction management, surveying, and inspection services in the amount of $1,598,2920.
On February 17, 2026 the City Council adopted the resolution approving the execution and delivery of the City of Barstow Local Measure I Transportation Sales Tax Revenue Certificates of Participation, Series 2026 (“the Certificates”) in an aggregate principal amount of not to exceed $13,000,000, authorized the execution and delivery of a Trust Agreement, authorized the Installment Sale Agreement, and authorized the Certificate Purchase Agreement. On February 17, 2026, the City Council also received Debt Issuance Disclosure Training from Stradling Yocca Carlson & Rauth (Disclosure Counsel).
DISCUSSION:
The last and final City Council approval needed for the issuance of the Certificates relates to the Preliminary Official Statement and Continuing Disclosure Certificate:
Preliminary Official Statement (“POS”) will be distributed to prospective purchasers of the Certificates.
The POS must contain all facts material to potential purchasers of the Certificates, including information regarding the security for the Certificates and the City (with certain permitted exceptions to be completed in the final Official Statement) must not omit any material facts. The POS is required to satisfy the City’s obligation under federal securities laws to provide material information to potential purchasers of the Certificates and must be accurate and complete in all material respects.
Continuing Disclosure Certificate will be delivered by the City for the benefit of owners of the Certificates and in order to assist the Underwriter in complying with Rule 15c2-12(b)(5) adopted by the Securities and Joint Special
Council/Successor Agency
04/7/26 05:30 PM
Finance
Sydnie Harris
Resolution
Doc ID: 6351
AGENDA ITEM
Exchange Commission. These documents describe various annual and certain event reporting and disclosure obligations of the City, as required by federal securities laws.
Staff and the financing team present the forms of the Preliminary Official Statement to the City Council for consideration and approval prior to selling and delivering the Certificates. The Preliminary Official Statement was prepared by the Disclosure Counsel based on information concerning the City and Measure I provided by and in coordination with City staff, Urban Futures, Inc. (Municipal Advisor), and Stifel, Nicolaus & Company, Incorporated (Underwriter).
The City Council has an obligation to ensure that the Preliminary Official Statement includes all information that would be material to a prospective investor’s decision whether to purchase the Certificates. While the City’s Disclosure Counsel, Municipal Advisor, and the Underwriter have participated in preparing the document, the City is ultimately responsible for ensuring that the Preliminary Official Statement is accurate, contains no misleading information, and does not omit any information necessary to make the Preliminary Official Statement not misleading to investors.
FISCAL IMPACT:
RECOMMENDED ACTION:
Adopt Resolution No. XXX-2026 of the City Council of the City of Barstow approving a Preliminary Official Statement in connection with the City of Barstow Local Measure I Transportation Sales Tax Revenue Certificates of Participation, Series 2026 and authorizing the execution and delivery of a Continuing Disclosure Certificate and the preparation of an Official Statement and authorizing the execution of necessary documents and certificates and related actions.