Pismo Beach City Council and Public
Financing Authority – Redeem 2012
Wastewater Refunding Revenue Bonds
Agenda Item 12.A
By Nadia Feeser, Administrative Services Director / Public Financing Authority Treasurer
Meeting Date: October 17, 2023
Overview
Joint meeting of the City Council and the Pismo Beach Public Financing Authority (Authority)
Authority issued its Series 2012 Wastewater Refunding Revenue bonds (2012 Bonds)
Staff recommends that the City and the
Authority redeem all the outstanding
2012 Bonds:
Meet anticipated debt service requirements
for the upcoming proposed Central Coast
Blue debt service
Provide interest cost savings
Financial Review
2012 Bonds outstanding principal $3,320,000
2012 Bonds outstanding principal & interest $3,338,547.88 – payoff date as of Nov 1, 2023
Wastewater Enterprise Fund net position (available fund balance) would support this amount
Frees up $390,000 per year through FY 2033
Net present value savings $561,591.37
Staff Recommendation
City Council:
Adopt a Resolution to authorize
and direct the redemption of all
outstanding 2012 Wastewater
Refunding Revenue bonds, and
authorize certain actions in
connection therewith.
Board of Directors of the Pismo
Beach Public Financing Authority:
Adopt a Resolution to approve the
redemption of 2012 Wastewater
Refunding Revenue bonds, and
authorize certain actions related
thereto.