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AGENDA REPORT (Continued) <br />FOR COUNCIL MEETING OF NOVEMBER 15,1994 <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 />$239000�000 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 />FINANCIAL IMPACT <br />There is no financial impact as a result of this approval. However, this does set in motion the next <br />step of bid evaluation and sale which would then establish the debt service as an obligation of the <br />Electric Utility. <br />ENVIRONMENTAL IMPACT <br />There are no environmental impacts as a result of this action. <br />RECOMMENDATION <br />Staff recommends that the City Council approve and adopt the resolution authorizing the invitation <br />of proposals for the purchase of bonds of the Colton Public Financing Authority, inviting bids <br />relating to the bonds and a notice of an intent to sell the bonds, and the delivery of an official <br />statement. <br />City Manager's Concurrence: <br />Page 2 of '2 Item No. <br />