Report to Mayor and City Council
Tuesday, July 16, 2024
Special Orders of the Day
SUBJECT:
Title
PUBLIC HEARING TO CONSIDER APPROVAL OF LEASE FINANCING BY THE CITY AND THE CARSON PUBLIC FINANCING AUTHORITY IN ORDER TO PROVIDE FINANCING FOR VARIOUS CAPITAL IMPROVEMENTS
CONSIDER RESOLUTION NO. 24-071 AUTHORIZING AND DIRECTING EXECUTION OF A SITE AND FACILITIES LEASE, A PROPERTY LEASE AND CERTAIN OTHER FINANCING DOCUMENTS AND DIRECTING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE ISSUANCE BY THE CARSON PUBLIC FINANCING AUTHORITY OF ITS 2024 LEASE REVENUE BONDS (CITY COUNCIL)
CONSIDER RESOLUTION NO. 24-01-CPFA, APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN FINANCING DOCUMENTS AND DIRECTING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE ISSUANCE OF ITS 2024 LEASE REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $92,000,000 (CARSON PUBLIC FINANCING AUTHORITY)
Body
I. SUMMARY
The City is underway on a number of large capital improvements throughout the City. Staff is recommending that these activities be financed with the issuance of Lease Revenue Bonds ("Lease Revenue Bonds") by the Carson Public Financing Authority. This will allow the projects to be paid for over a longer term and preserve General Fund balance for other projects.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. OPEN the Public Hearing, TAKE public testimony regarding the issuance of Lease Revenue Bonds, and CLOSE the Public Hearing.
2. WAIVE further reading and ADOPT RESOLUTION NO. 24-071, A RESOLUTION OF THE CITY OF CARSON CITY COUNCIL AUTHORIZING AND DIRECTING EXECUTION OF A SITE AND FACILITIES LEASE, A PROPERTY LEASE AND CERTAIN OTHER FINANCING DOCUMENTS AND DIRECTING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE ISSUANCE BY THE CARSON PUBLIC FINANCING AUTHORITY OF ITS 2024 LEASE REVENUE BONDS (Exhibit B)
3. WAIVE further reading and ADOPT RESOLUTION NO. 24-01-CPFA, A RESOLUTION OF THE BOARD OF THE CARSON PUBLIC FINANCING AUTHORITY APPROVING...
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