City Council

13. AUTHORIZING THE COMMENCEMENT OF PROCEEDINGS IN CONNECTION WITH THE PROPOSED ISSUANCE OF A PRIVATE PLACEMENT FINANCING TO FUND CERTAIN CAPITAL IMPROVEMENT PROJECTS OF THE TUSTIN WATER ENTERPRISE, CONFIRMING THE APPOINTMENT OF PROFESSIONAL SERVICES AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH As part of the Tustin Water Enterprise’s (Enterprise) annual review and its 2023 cost-of-service analysis, the City’s consultants advised that the Enterprise needs additional resources to meet its ongoing infrastructure improvement obligations for the next three years. Staff has determined that the issuance of a private placement financing can provide the necessary capital funding. Staff is requesting the City Council’s approval to authorize the initiation of proceedings to issue private placement financing of $4 million plus issuance costs to fund certain improvement projects that are outlined in the Enterprise’s five-year capital plan. Recommendation: It is recommended that: The City Council adopt Resolution 23-60 entitled: Resolution Authorizing The Commencement Of Proceedings In Connection With The Proposed Issuance Of A Private Placement Financing To Fund Certain Capital Improvement Projects Of The Tustin Water Enterprise, Confirming The Appointment Of Professional Services And Authorizing Certain Other Actions In Connection Therewith. RESOLUTION NO. 23-60 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, AUTHORIZING THE COMMENCEMENT OF PROCEEDINGS IN CONNECTION WITH THE PROPOSED ISSUANCE OF A PRIVATE PLACEMENT FINANCING TO FUND CERTAIN CAPITAL IMPROVEMENT PROJECTS OF THE TUSTIN WATER ENTERPRISE, CONFIRMING THE APPOINTMENT OF PROFESSIONAL SERVICES AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH Agenda Report PUBLIC HEARING ITEM 14