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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF SEPTEMBER 1, 1998 <br />TO: HONORABLE MAYOR AND COUNCI MEMBERS <br />APPROVAL: HENRY T. GARCIA, CITY MANAG <br />FROM: ANNA A. VEGA, FINANCE DIRECTOR��-- <br />SUBJECT: Contract with Best, Best & Kreiger as Bond Counsel and Fulbright � Jaworski as <br />Disclosure Counsel for the structuring of a Water Bond financing. <br />DATE: August 27, 1998 <br />BACKGROUND <br />The City Council approved the water master plan, which outlines capital infrastructure needs. This master plan <br />also prioritizes the capital requirements. Due to these needs, the City Council approved a water rate increase <br />in order to provide funding for a bond issue debt repayment. <br />DISCUSSIONIANALYSIS <br />At this time, the capital infrastructure needs being recommended for the bond financing will be approximately <br />$10 million. Staff will be utilizing some of the top professionals in securing the lowest cost and best financing <br />for the City's Water enterprise. However, staff is recommending that the attorney's start the financing team in <br />order to commence the bond documentation and gathering of information. <br />The financial advisor and/or underwriter will be brought forward at the next council meeting for City Council <br />consideration. The City Treasurer is reviewing the different financing alternatives. <br />FINANCIAL IMPACT <br />Bond proceeds of $10 million will be available for capital infrastructure need of the water utility system. <br />RECOMMENDATION <br />Accept Fulbright & Jaworksi as disclosure counsel in the amount of $37,5000 and Best, Best and Krieger as bond counsel <br />in the amount of $50,000. <br />I <<! ' � <br />Attachmenu <br />