City Council

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