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Ordinance Fact Sheet
TO:
FROM:
CITY COUNCIL
CITY ATTORNEY
DATE: May 13, 2024
SUBJECT: ELECTRIC REVENUE/REFUNDING BONDS, 2024A SERIES
TITLE OF PROPOSED ORDINANCE
AN ORDINANCE OF THE CITY OF PASADENA AUTHORIZING THE ISSUANCE BY THE CITY OF NOT TO EXCEED $125,000,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF PASADENA ELECTRIC REVENUE/REFUNDING BONDS, 2024A
SERIES, PAYABLE OUT OF THE LIGHT AND POWER FUND, AND APPROVING
THE EXECUTION AND DELIVERY OF AN ELEVENTH SUPPLEMENTAL TO
ELECTRIC REVENUE BOND FISCAL AGENT AGREEMENT AND A CONTINUING
DISCLOSURE AGREEMENT IN CONNECTION THEREWITH
PU RPOS ES^F THE^ORDI NANC E
The purpose of this ordinance is to:
(i) Refund all of the outstanding Electric Revenue/Refunding Bonds, 2013A Series;
(ii) Finance the costs of acquisition and construction of certain capital improvements to the electric works of the City;
(iii) Make an additional deposit to the Parity Resen/e Fund, if necessary; and (iv) Pay costs of issuance of the Electric Revenue/Refunding Bonds, 2013A Series.
REASONS WHY LEGISLATION IS NEEDED
At its May 13, 2024 meeting, the City Council directed the City Attorney to prepare this ordinance.
MEETING OF05/13/2024
AGENDA ITEM NO. 14
PROGRAMS, DEPARTMENTS OR GROUPS AFFECTED
Debt service payments will be made from the Light and Power Fund. Interest on the refunding portion will be addressed by utilization of existing budgeted appropriations.
FISCAL IMPACT
In today's interest rate environment, it is anticipated that the Electric Fund will realize an estimated $6,369,000 in net present value savings with an average annual debt service savings of $465,000 from FY 2025 through 2043. The actual savings will be dependent on the market conditions at the time the actual bidding is completed, currently scheduled for July 15, 2024.
ENVIRONMENTAL DETERMINATION
On May 13,2024,as part of this agenda item, the Council is being asked to find that the proposed action is not a project under the California Environmental Quality Act.
Respectfully submitted)
Javan N. Rod for MBB
Michele Beai Bagneris
City Attorney
Prepared by;
avai^N. Rad
Chief Assistant City Attorney
Concurred by:
t^^'^J) f-l.
^lARQUEZ
City Manager
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