City of San Antonio - File #: 14-663

• File #: 14-663
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 3/20/2014
• Posting Language: An Ordinance authorizing the issuance of obligations designated as “City of San Antonio, Texas Water System Variable Rate Junior Lien Revenue and Refunding Bonds, Series 2014B (No Reserve Fund)” (the “Series 2014B Bonds”), in a principal amount not to exceed $300,350,000 to fund capital construction, refund outstanding tax-exempt commercial paper notes and refund outstanding revenue bonds for debt service savings.

SUMMARY

SAWS requests City Council approve:

A. Concurrent with bullet B., an ordinance authorizing the issuance of obligations designated as "City of San Antonio, Texas Water System Junior Lien Revenue and Refunding Bonds, Series 2014A (No Reserve Fund)" (the "Series 2014A Bonds"), in an amount not to exceed $300,350,000 to fund capital construction, refund outstanding tax-exempt commercial paper notes and refund outstanding revenue bonds for debt service savings; and
B. Concurrent with bullet A., an ordinance authorizing the issuance of obligations designated as "City of San Antonio, Texas Water System Variable Rate Junior Lien Revenue and Refunding Bonds, Series 2014B (No Reserve Fund)" (the "Series 2014B Bonds"), in a principal amount not to exceed $300,350,000 to fund capital construction, refund outstanding tax-exempt commercial paper notes and refund outstanding revenue bonds for debt service savings.
Note: By the terms of the ordinances for the Series 2014A Bonds and Series 2014B Bonds, the total combined principal will not exceed $300,350,000

Each of the above ordinances includes a delegation of authority by the San Antonio City Council to SAWS' Designated Financial Officers, defined as either the President/Chief Executive Officer or the Senior Vice President/Chief Financial Officer of SAWS, through a delegation authorization permitted by Chapter 1207, as amended, Texas Government Code.

BACKGROUND INFORMATION:

SAWS' capital financing plan utilizes a variety of sources to fund capital improvements. These include revenues, impact fees, bonds, and tax-exempt commercial paper. SAWS issues bonds periodically to finance capital improvement projects; refinance outstanding debt for debt service savings and refund outstanding tax-exempt commercial paper notes. SAWS' 2014 budget included debt service to support the issuance of debt to fund capital improvement projects. The debt service for the bonds authorized in the ordinances is within the de...