AN ORDINANCE AMENDING AND RATIFYING ORDINANCE NOS. 2015-77, 2017-821, & 2013-89, RELATING TO THE SERIES G, H-2, & J COMMERCIAL PAPER PROGRAMS PERTAINING TO THE AUTHORIZED PURPOSES OF SUCH COMMERCIAL PAPER PROGRAMS; AND MAKING FINDINGS RELATING THERETO AND DECLARING AN EMERGENCY.
RECOMMENDATION:
APPROVE AN ORDINANCE AMENDING AND RATIFYING ORDINANCE NOS. 2015-77, 2017-821, & 2013-89 RELATING TO THE SERIES G, H-2, & J COMMERCIAL PAPER PROGRAMS PERTAINING TO THE AUTHORIZED PURPOSES OF SUCH COMMERCIAL PAPER PROGRAMS; AND MAKING FINDINGS RELATING THERETO AND DECLARING AN EMERGENCY.
SPECIFIC EXPLANATION:
In 1993, City Council authorized commercial paper programs to provide appropriation capacity and on-time funding for capital projects. The commercial paper notes are later refinanced to long-term fixed rate public improvement bonds with amortizations that match the useful life of the projects being financed.
City Council has previously authorized commercial paper issuance in support of the voter authorized public improvement bonds (2012 and 2017 Bond Elections). There is capacity under the General Obligation Commercial Paper Notes, Series G, H-2, & J, to continue to support the 2012 and 2017 Bond Elections. By authorizing an additional allocation, and approving the amending ordinance, Council will allow the commercial paper program to meet anticipated appropriation needs through the end of fiscal year 2020.
The recommended allocation is based on the FY2020 Capital Improvement Plan as follows:
