Port of LA

6. RESOLUTION NO. _________________ - APPROVAL OF A RESOLUTION\nAUTHORIZING THE LOS ANGELES BOARD OF HARBOR COMMISSIONERS\nAPPROVING THE PRINCIPAL FINANCING DOCUMENTS RELATING TO THE\nISSUANCE OF THE CITY OF LOS ANGELES HARBOR DEPARTMENT 2024\nREFUNDING REVENUE BONDS\nSummary: Staff requests adoption of the Resolution authorizing approval of the principal\nfinancing documents in relation to the issuance of 2024 Refunding Revenue Bonds that will\nrefund (i.e. refinance) all or a portion of the City of Los Angeles Harbor Department's (Harbor\nDepartment) 2014 Series A, B and C Bonds (the 2014 Bonds) which are currently outstanding\nin the principal amount of $264,695,000. On July 25, 2024, the Board of Harbor Commissioners\n(Board) approved the issuance of 2024 Refunding Revenue Bonds to refund the 2014 Bonds.\nOn July 25, 2024, the Board also approved the appointment of three investment banks: Jefferies\nLLC as senior manager, and Samuel A. Ramirez & Company, Inc., a Minority Business\nEnterprise (MBE), and Loop Capital Markets LLC, an MBE, as co-managers to this transaction.\nThe 2024 Refunding transaction will not result in additional debt or change the maturity of these\nbonds, but will replace higher interest rate debt with lower interest rate debt reducing the future\ndebt service payment obligations for the Harbor Department.\nRecommendation: Board resolve to (1) find that the Director of Environmental Management has\ndetermined that the proposed action is administratively exempt from the requirements of the\nCalifornia Environmental Quality Act (CEQA) under Article II, Section 2(f) of the Los Angeles\nCity CEQA Guidelines; (2) approve the principal financing documents related to the 2024\nRefunding Revenue Bonds, which include the Resolution, Indenture of Trust, Continuing\nDisclosure Certificate, Bond Purchase Agreement, the Preliminary Official Statement, the\nTEFRA (Tax Equity and Fiscal Responsibility Act) Document, the Independent Green Bond\nCertification, and the Escrow Agreement; (3) find that the Harbor Department published a\nTEFRA Notice on July 26, 2024 and held a TEFRA Hearing at 10:00 AM on August 5, 2024.\nPursuant to Section 147(f) of the Internal Revenue Code of 1986, there must be a Public Hearing\nfor the financing or refinancing of Capital Improvement Program (CIP) projects with proceeds\nfrom the sale of tax-exempt obligations; and (4) adopt Resolution No.____________.\nDebt & Financial Analysis