Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Financing topic
No spam. Unsubscribe anytime.
Tahoe City PUD adopts bond disclosure documents to enable up to $7 million revenue bond sale
Summary
The board approved Resolution 26‑14 to finalize the remaining bond documents — preliminary official statement, continuing disclosure certificate, and bond purchase agreement — clearing the way for up to $7,000,000 in water revenue bonds; staff said a consultant will handle the first year of continuing disclosure reporting.
The Tahoe City Public Utility District board on April 3 approved Resolution 26‑14 to adopt three final documents needed for an authorized revenue bond issuance of up to $7,000,000: the preliminary official statement, the continuing disclosure certificate and the bond purchase agreement.
Ryan Philpott, director of finance administration, told the board the resolution completes the packet begun under Resolution 26‑13 and added the item simply brings “those, final 3 documents that are needed, for approval by this board, which are the preliminary official statement, the continuing disclosure certificate, and the bond purchase agreement.” Ken Dicke, a member of the district’s finance team, explained the continuing disclosure certificate requires annual filings to an electronic municipal market access system and ongoing disclosure of certain material events: “That’s just the additional document for this agenda item today.”
Board members asked whether the continuing disclosure obligation lasts for the life of the bonds; Dicke confirmed the requirement is annual for the life of the bonds (discussed in the meeting as 20 years). Staff also said the district plans to contract with a consultant for the first year of continuing disclosure to provide standard documentation and training so the district remains compliant. A board member moved adoption, the motion was seconded, and the board voted to approve the resolution.
The action completes the board’s authorization to proceed with the financing package; next steps noted in the discussion include finalizing the sale timetable and executing the bond purchase documents following board authorization.
