City Council

13. AUTHORIZING THE COMMENCEMENT OF\nPROCEEDINGS IN CONNECTION WITH THE\nPROPOSED ISSUANCE OF A PRIVATE\nPLACEMENT FINANCING TO FUND CERTAIN\nCAPITAL IMPROVEMENT PROJECTS OF THE\nTUSTIN WATER ENTERPRISE, CONFIRMING\nTHE APPOINTMENT OF PROFESSIONAL\nSERVICES AND AUTHORIZING CERTAIN OTHER\nACTIONS IN CONNECTION THEREWITH As part\nof the Tustin Water Enterprise’s (Enterprise) annual\nreview and its 2023 cost-of-service analysis, the\nCity’s consultants advised that the Enterprise needs\nadditional resources to meet its ongoing\ninfrastructure improvement obligations for the next\nthree years. Staff has determined that the issuance\nof a private placement financing can provide the\nnecessary capital funding. Staff is requesting the\nCity Council’s approval to authorize the initiation of\nproceedings to issue private placement financing of\n$4 million plus issuance costs to fund certain\nimprovement projects that are outlined in the\nEnterprise’s five-year capital plan.\nRecommendation: It is recommended that: The City\nCouncil adopt Resolution 23-60 entitled: Resolution\nAuthorizing The Commencement Of Proceedings In\nConnection With The Proposed Issuance Of A\nPrivate Placement Financing To Fund Certain\nCapital Improvement Projects Of The Tustin Water\nEnterprise, Confirming The Appointment Of\nProfessional Services And Authorizing Certain Other\nActions In Connection Therewith. RESOLUTION\nNO. 23-60 A RESOLUTION OF THE CITY\nCOUNCIL OF THE CITY OF TUSTIN,\nCALIFORNIA, AUTHORIZING THE\nCOMMENCEMENT OF PROCEEDINGS IN\nCONNECTION WITH THE PROPOSED ISSUANCE\nOF A PRIVATE PLACEMENT FINANCING TO\nFUND CERTAIN CAPITAL IMPROVEMENT\nPROJECTS OF THE TUSTIN WATER\nENTERPRISE, CONFIRMING THE APPOINTMENT\nOF PROFESSIONAL SERVICES AND\nAUTHORIZING CERTAIN OTHER ACTIONS IN\nCONNECTION THEREWITH\nAgenda Report\nPUBLIC HEARING ITEM 14