AMENDED
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PASADENA
CONFIRMING THE AWARD OF ITS ELECTRIC REVENUE/
REFUNDING BONDS, 2024A SEMES
WHEREAS, at the time and place fixed for the opening of bids for the City of Pasadena, California, Electric Revenue/Refunding Bonds, 2024A Series (the "2024A Bonds"), bids were received by the Director of Finance of the City of Pasadena (the "City"); and WHEREAS, the Director of Finance has previously accepted the bid of the highest responsible bidder, a summary of which bids are attached hereto as Exhibit A, and conditionally awarded the 2024A Bonds to the bidder named in the lowest true interest cost bid; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pasadena:
Section 1. The pricing summary attached hereto as Exhibit B, specifying the purchase price for the 2024A Bonds and the interest rates per annum for each of the maturities of the 2024A Bonds, is based on the highest responsible bid for the 2024A Bonds producing the lowest true interest cost to the City (which true interest cost does not exceed three percent (5.50%) per anniun as specified as the maximum true interest cost in the Ordinance authorizing the issuance of the 2024A Bonds). The City hereby waives any irregularity and informality in such bid and confirms the award of the 2024A Bonds to the bidder named in the winning bid in accordance with the terms of the bid.
Section 2. All bids other than the bid accepted by the Director of Finance are rejected.
Section 3. The interest rates on the 2024A Bonds are hereby fixed at the rates as set forth in the attached Exhibit B. The exact aggregate principal amount of the 2024A Bonds to be issued and sold is $98,230,000.
Section 4. The Director of Finance, or his designee, is hereby authorized and directed to deliver the 2024A Bonds to the successful bidder upon payment therefor at the purchase price of $112,445,914.11, and to undertake any and all acts necessary or desirable to accomplish the purposes of this Resolution.
65529.00001\42392181.1
Adopted at a regular meeting of the City Council this 15th day of July, 2024, by the following vote:
Ayes:
Noes:
Absent:
Mark Jomsky
City Clerk
APPROVED AS TO FORM:
&4(^
^li^h^Beal Bagneris
Tty Attorney
APPROVED AS TO FORM:
Ddip^y Kfm, Partner
Best Best & Krieger LLP
Bond Counsel
65529.0000r42392181.1
2 EXHIBIT A
BIDDER NAME
1 Fifth Third Securities, Inc
2 Jefferies LLC
3 Janney Montgomery Scott LLC
4 Morgan Stanley & Co
5 DBS Financial Services
6 RBC Capital Markets
7 Mesirow Financial, Inc
8 J.P.Morgan Securities
9 Truist Securities, inc
10 Hilltop Securities
11 BofA Securities
12 Wells fargo Securities LLC
13 Robert W. Baird & Co
14 KeyBanc Capital Markets
15 TD Securities
TRUE INTEREST COST
3.633933%
3.634481%
3.638173%
3.639345%
3.645496%
3.646550%
3.647925%
3.650652%
3.655481%
3.659454%
3.662558%
3.662819%
3.665545%
3.666476%
3.685363%
pfmEXIHBIT
SOURCES AND USES OF FUNDS
City of Pasadena, California
Revenue Refunding Bonds, Series 2024A
FY Basis
Proposed Final Numbers: Fifth Third
Dated Date
Delivery Date
07/30/2024
07/30/2024
Sources:
Electric
Revenue/Refund
ing Bonds,
2024A Series
Bond Proceeds:
Par Amount
Premium
Other Sources of Funds:
DSRF Release
98,230,000.00
14,365,324.20
112,595,324.20
1,672,684.93
114,268,009.13
Uses:
Electric
Revenue/Refund
ing Bonds,
2024A Series
Project Fund Deposits:
Project Fund
Refunding Escrow Deposits:
Cash Deposit
SLGS Purchases
Delivery Date Expenses:
Cost of Issuance
Underwriter's Discount
Other Uses of Funds:
Additional Proceeds
50,000,000.00
1.03 63,777,269.00
63,777,270.03
339,050.00
149,410.09
488,460.09
2,279.01
114,268,009.13
Notes:
Final Spreads from winning bidder: Fifth Third
Reserve release included as cashflow invested at 5-year Treasury (4.10%) Jul 15,2024 11:25 am Prepared by PFM Financial Advisors LLC (JW)(Finance 8.901 Pasadena Electric v4:PASADENA-2024A_1 ) Page - pfmEXIHBIT B
BOND PRICING
City of Pasadena, California
Revenue Refunding Bonds, Series 2024A
FY Basis
Proposed Final Numbers: Fifth Third
Bond ComponentMaturity
DateAmountRateYieldPrice
Yield to
Maturity
Call
Date
Call
Call Date Price
Call for Arb (or Arb
Price Yield Yield Serial Bond Component:
08/01/2025
08/01/2026
08/01/2027
08/01/2028
08/01/2029
08/01/2030
08/01/2031
08/01/2032
08/01/2033
08/01/2034
08/01/2035
08/01/2036
08/01/2037
08/01/2038
08/01/2039
08/01/2040
08/01/2041
08/01/2042
08/01/2043
08/01/2044
08/01/2045
08/01/2046
08/01/2047
2049 Term Bond Component:
08/01/2048
08/01/2049
2054 Term Bond Component:
08/01/2050
08/01/2051
08/01/2052
08/01/2053
08/01/2054
2,550,000
2,680,000
2,815,000
2,960,000
3,110,000
3,270,000
3,440,000
3,620,000
3,800,000
4,000,000
4,205,000
4,420,000
4,640,000
4,885,000
5,130,000
5,395,000
5,670,000
5,965,000
1,600,000
1,685,000
1,770,000
1,860,000
_1^955,000
81,425,000
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
2,640,000
2,775,000
12,590,000
2.790%
2.750%
2.680%
2.680%
2.650%
2.650%
2.640%
2.630%
2.640%
2.640%
2.670%
2.750%
2.800%
2.840%
2.920%
3.020%
3.130%
3.190%
3.270%
3.320%
3.360%
3.400%
3.460%
2,055,000 5.000% 3.550%2J60,000 5.000% 3.550%
4,215,000
2,275,000 5.000% 3.660%
2,390,000 5.000% 3.660%2,510,000 5.000% 3.660%
5.000% 3.660%
5.000% 3.660%
102.170
104.355
106.650
108.750
110.942
112.962
114.998
117.003
118.800
120.627
120.335 C
119.559 C
119.077 C
118.693 C
117.930 C
116.984 C
115.953 C
115.396 C
114.658 C
114.199 C
113.834 C
113.470 C
112.927 C
112.118 C
112.118 C
111.139 C
111.139 C
111.139 C
111.139 C
111.139 C
2.836%
3.043%
3.195%
3.320%
3.458%
3.595%
3.725%
3.810%
3.901%
3.965%
4.018%
4.068%
4.125%
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
4.212% 08/01/2034
4.212% 08/01/2034
4.333% 08/01/2034
4.333% 08/01/2034
4.333% 08/01/2034
4.333% 08/01/2034
4.333% 08/01/2034
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
08/01/2034
100,000 08/01/2034
100.000 08/01/2034
100.000 08/01/2034
100.000 08/01/2034
100.000 08/01/2034
100.000 08/01/2034
100.000 08/01/2034
100.000
100.000
100.000
100,000
100.000
100.000
100.000
100.000
100.000
100,000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
98,230,000
Dated Date
Delivery Date
First Coupon
Par Amount
Premium
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
07/30/2024
07/30/2024
02/01/2025
98,230,000.00
14,365,324.20
112,595,324.20
-149,410.09
114.624172%
-0.152102%
112,445,914.11 114.472070%
112,445,914.11
Jul 15,2024 11:25 am Prepared by PFM Financial Advisors LLC (JW)(Finance 8.901 Pasadena Electric v4:PASADENA-2024A_1 ) Page 7