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Kerman approves 2025 lease revenue bonds and related disclosure services
Summary
The Kerman City Council and Public Financing Authority approved resolutions authorizing 2025 lease revenue bonds and an accompanying continuing-disclosure agreement to support capital improvements; the PFA capped authorization at $25,000,000. All motions passed unanimously.
The Kerman City Council and the City of Kerman Public Financing Authority on Aug. 27 approved a package of financing actions authorizing the issuance and sale of 2025 lease revenue bonds and a related continuing-disclosure contract. The Public Financing Authority approved a resolution authorizing bond issuance not to exceed $25,000,000.
Council members voted unanimously to adopt the council resolution approving lease financing documents (Res. 25-68) and later approved a resolution authorizing the PFA sale (Res. PFA 25-03). Mayor Pro Tem Yep moved the council resolution and Councilmember Hall seconded; recorded votes for financing items were Ayes: Yep, Hall, Herrera, Dhaliwal, Pacheco, Noes: None.
Council also approved a separate resolution (Res. 25-69) to retain Fieldman, Rolapp & Associates for continuing disclosure services related to securities management. The firm will provide disclosure reporting and securities-related compliance support for the financing package.
The council opened the public hearing on the financing at 6:29 p.m. and closed it at 6:48 p.m.; minutes record no separate public comment on the matter. The PFA authorization explicitly limits the bond issuance to an amount not to exceed $25,000,000 to assist the city with capital improvements.
Council members did not record any conditions or amendments to the documents in the minutes. The actions were recorded as motions with unanimous 5-0 votes and are reflected in Res. 25-68 (city), Res. PFA 25-03 (PFA), and Res. 25-69 (continuing disclosure services).
