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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of November 15, 1994 <br />TO: Honorable Mayor, City Council, and City Manager <br />"�A <br />FROM: Thomas K. Clarke,, Electric Utility Director �� Date: 11/9/94 <br />SUBJECT: APPROVE AND ADOPT A RESOLUTION OF THE CITY COUNCIL <br />OF THE CITY OF COLTON AUTHORIZING THE INVITATION OF <br />PROPOSALS FOR THE PURCHASE OF NOT TO EXCEED <br />$2390009000 AGGREGATE PRINCIPAL AMOUNT OF BONDS OF <br />THE COLTON PUBLIC FINANCING AUTHORITY, APPROVING A <br />NOTICE OF INTENTION TO SELL BONDS, AND AUTHORIZING <br />THE DELIVERY OF A PRELIMINARY OFFICIAL STATEMENT <br />BACKGROUND <br />The Colton Electric Utility is proposing to issue electric revenue bonds through the Colton Public <br />Financing Authority for improvements to the electric system. It is anticipated that the bonds will <br />be sold in a competitive bidding process. The City Council must authorize the preparation and <br />distribution of the necessary documents in order to solicit the bids. It has been determined that the <br />aggregate amount of the bonds would not exceed $23 million. <br />STATEMENT OF THE PROBLEM <br />The actions taken here are the non -nal steps in issuing the debt. There is nothing in this approval <br />which is extraordinary or presents any special circumstance with this type of transaction. <br />ALTERNATIVES <br />This is a procedural matter. Without this step in the process, the Colton Public Financing <br />Authority would not have permission from the City Council to prepare documents, set the <br />maximum amount of debt, or solicit bids from potential underwriters. <br />Page I of 2 Item No. 22 D <br />CITY OF ("'OLTON <br />