Report to Mayor and City Council
Tuesday, March 19, 2019
Special Orders of the Day
SUBJECT:
Title
(1) A PUBLIC HEARING TO CONSIDER THE PUBLIC BENEFITS OF THE PROPOSED FINANCING OF THE CONSTRUCTION AND RECONSTRUCTION OF LOCAL STREETS AND IMPROVEMENTS WITHIN THE CITY FROM PROCEEDS OF THE CARSON PUBLIC FINANCING AUTHORITY REVENUE BONDS, SERIES 2019 (MEASURE M & R STREET PROJECTS); (2) ADOPT RESOLUTION NO. 19-061 OF THE CITY COUNCIL OF THE CITY OF CARSON AUTHORIZING EXECUTION AND DELIVERY OF AN INSTALLMENT SALE AGREEMENT AND A BOND PURCHASE AGREEMENT, APPROVING THE FORM AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND APPROVING RELATED ACTIONS AND (3) ADOPT RESOLUTION NO. 19-01-CPFA OF THE GOVERNING BOARD OF THE CARSON PUBLIC FINANCING AUTHORITY APPROVING THE ISSUANCE AND SALE OF ITS REVENUE BONDS, SERIES 2019 (MEASURE M & R LOCAL STREETS PROJECT) TO ASSIST THE CITY OF CARSON IN THE FINANCING AND CONSTRUCTION OF CERTAIN LOCAL STREETS AND TRAFFIC SIGNALS, APPROVING THE FORM AND AUTHORIZING EXECUTION AND DELIVERY OF AN INDENTURE, AN INSTALLMENT SALE AGREEMENT AND A BOND PURCHASE AGREEMENT, APPROVING THE FORM AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND APPROVING RELATED ACTIONS (CITY COUNCIL AND PUBLIC FINANCING AUTHORITY)
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I. SUMMARY
On September 4, 2018, the City Council directed staff to solicit proposals for financial advisor, underwriter and disclosure counsel to provide services in connection with an anticipated bond issue to finance street improvements using Measure R and Measure M sales tax revenue.
On February 5, 2019, the City Council awarded contracts for those services to Harrell & Company Advisors (financial advisor), Piper Jaffray & Co. and Cabrera Capital (underwriters) and Nixon Peabody (disclosure counsel). Aleshire & Wynder acts as the City's bond counsel for these bonds.
Staff directed the consultants to prepare the documents necessary for the approval of the Measure R and Measure M...
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