City of San Antonio - File #: 14-1010

• File #: 14-1010
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 5/1/2014
• Posting Language: An Ordinance authorizing the issuance of obligations designated as "City of San Antonio, Texas Water System Junior Lien Revenue Bonds, Series 2014C (the Series 2014C Bonds"), in an amount not to exceed $38,260,000 to be sold to the Texas Water Development Board through the Clean Water State Revolving Fund Program; and,

Date	Ver.	Action By	Action	Result
5/1/2014	1	City Council A Session	adopted	Pass

SUBJECT:
Ordinances authorizing the issuance of "City of San Antonio, Texas Water System Junior Lien Revenue Bonds, Series 2014C and 2014D"


SUMMARY

The San Antonio Water System (SAWS) requests City Council approval of the following financial items:

A. An ordinance authorizing the issuance of obligations designated as "City of San Antonio, Texas Water System Junior Lien Revenue Bonds, Series 2014C" (the "Series 2014C Bonds"), in an amount not to exceed $38,260,000 to be sold to the Texas Water Development Board (the "TWDB") through the Clean Water State Revolving Fund Program; and,

B. An ordinance authorizing the issuance of obligations designated as "City of San Antonio, Texas Water System Junior Lien Revenue Bonds, Series 2014D" (the "Series 2014D Bonds"), in an amount not to exceed $22,400,000 to be sold to the TWDB through the Drinking Water State Revolving Fund Program.

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 debt service approved in the 2014 budget.

Clean Water State Revolving Fund - Series 2014C Bonds
Under the Clean Water State Revolving Fund, TWDB provides subsidized interest...