City Council

7. PROMISSORY NOTE BETWEEN THE WATER ENTERPRISE FUND\nAND THE GENERAL FUND Authorize the General Fund’s purchase of a\nseven-year Promissory Note issued by the Water Enterprise Fund to meet\nthe rate covenant requirement for the 2016 and 2020 Refunding Water\nRevenue Bonds.\nRecommendation: It is recommended that the City Council adopt\nResolution No. 23-14 that: 1. authorizes the General Fund's purchase of a\nseven-year promissory note in the principal amount of $3,830,700\n("Promissory Note"); and 2. authorizes the execution of a seven-year\nPromissory Note by the Water Enterprise Fund to meet the bond rate\ncovenant. RESOLUTION NO. 23-14 A RESOLUTION OF THE CITY OF\nTUSTIN, CALIFORNIA, AUTHORIZING THE GENERAL FUND'S\nINVESTMENT IN A PROMISSORY NOTE OF THE TUSTIN WATER\nENTERPRISE FUND AND AUTHORIZING THE EXECUTION OF THE\nPROMISSORY NOTE BY THE WATER ENTERPRISE FUND.\nAGENDA REPORT