Glendale council approves up to $42 million in water and sewer revenue bonds

The Glendale City Council on April 14 adopted ordinance O26-18 to authorize the issuance of water and sewer revenue obligations in an amount not to exceed $42,000,000 to finance improvements to the city's water and sewer system.

Levi Gibson, the city's director of budget and finance, told the council the ordinance would allow the city to issue the bonds and delegate to the city manager, assistant city manager, or the director of budget and finance the limited authority to finalize terms. "This item is to request to waive reading beyond the title and adopt ordinance O26-18 which authorizes the issuance of water and sewer revenue bonds in an amount not to exceed $42 million," Gibson said.

Gibson said representatives from RBC Capital Markets and bond counsel Greenberg Traurig were available for technical questions. The council voted by roll call to approve the ordinance; the motion carried unanimously.

The ordinance authorizes the city to take actions necessary to consummate the financing, including executing a purchase agreement, trust agreement, continuing disclosure undertaking, and other related documents. Council members did not raise substantive questions about the financing during the meeting. The approved authorization permits the designated officers to finalize maturities, interest rates and other terms consistent with the ordinance.

Next steps: city staff and the authorized officers will complete the required financing documents and proceed with sale and delivery according to the authority granted in O26-18.