Department of Finance
Award of the
Electric Revenue Refunding Bonds
Series 2024A
Vic Erganian
Deputy Finance Director/Treasurer
July 15, 2024
City Council Item 8
Department of Finance
Background
• Council approved the issuance of the 2024A
Electric Revenue Refunding Bonds on May 13,
2024.
• Authorized a not-to-exceed amount of $125
million.
• Bonds sold on competitive basis on July 15, 2024.
• Pursuant to Section 1414 of the Charter, Council
must accept the bid and fix the rate on the
bonds.
2 Department of Finance
Bid Results
3 Department of Finance
Financial Results
• True Interest Cost = 3.633%
• NPV Savings = $7,397,973.92
• NPV % Savings = 11.663210%
• Ave Annual Savings: $529,377
4 Department of Finance
2024A Electric Revenue Refunding
Bonds
Section 3 of the Resolution:
The exact aggregate principal amount of
the 2024A Bonds issued and sold is
$98,230,000.
5 Department of Finance
2024A Electric Revenue Refunding
Bonds
Section 4 of the Resolution:
The Director of Finance is authorized and
directed to deliver the 2024A Bonds at a
purchase price of $112,445,914.11.
6 Department of Finance
Recommendation
• Adopt a resolution confirming the award
of the City of Pasadena Electric
Revenue/Refunding Bonds, 2024A Series.
7