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E E V E R E T T City Council Agenda Item Cover Sheet <br />Project title: An Ordinance Authorizing the Issuance of Water and Sewer Revenue and Refunding Bonds of <br />the City in the Principal Amount not to Exceed $66,100,000 <br />Council Bill # interoffice use <br />CB 2303-19 <br />Agenda dates requested: <br />3-29-2023 First reading <br />4-5-2023 Second Reading <br />4-12-2023 Third and Final <br />Reading <br />Briefing <br />Proposed action x <br />Consent <br />Action <br />Ordinance <br />Public hearing <br />Yes <br />No <br />Budget amendment: <br />Yes x No <br />PowerPoint presentation: <br />Yes x No <br />Attachments: Ordinance <br />Department(s) involved: <br />Finance, Public Works <br />Utilities <br />Contact person: Susy <br />Haugen <br />Phone number: x8612 <br />Email: <br />shaugen@everettwa.gov <br />Project: Water & Sewer Revenue and Refunding Bonds <br />Partner/Supplier: <br />Location: <br />Preceding action: <br />Fund: Fund 401 Utilities <br />Fiscal summary statement: <br />The total issue amount is not to exceed $66,100,000. Of that amount, $36,125,000 will <br />be used to refund the outstanding 2013 bonds. The savings amount will be determined <br />when the bonds are sold. <br />The remaining $29,975,000 million will be used to fund a portion of the utility's capital <br />program and pay the issuance costs. <br />Project summary statement: <br />Everett's Water & Sewer Utility finances its capital program with a combination of debt <br />issuance and cash. The last Water & Sewer Revenue Bond issue was competitively sold <br />in 2016. <br />This bond issue will fund a portion of the Utility's capital program in addition to <br />refunding the remaining 2013 Water and Sewer Revenue bonds. <br />Recommendation (exact action requested of Council): <br />Adopt Ordinance authorizing the issuance of water and sewer revenue and refunding <br />bonds of the City in the principal amount not to exceed $66,100,000. <br />