HomeMy WebLinkAbout0202.091o
Karch 21, 1991
HONOPABLE CITY COUNCIL
PALO ALTO, CALU'OJUUA
Hobe-rs ex the Council:
Report. ia Irief
3
Staff recommends council approval to amend Exhibit A of Addendum
NOa 4 et: the AqreeD.ent "between Palo Alto, Mountain View and Los
Altos for the City of Palo Alto Revenue Refundinq Bonds 1990 Series
A. The agreement was initially approve~ by Council in July 1990
(CI!R:424 :OJ.
In December 1985 1 the City of Palo Alto issued $12.2 million of
Utility Revenue Bonds, 1985 Series A Adjustable convertible
Extendable se=ities (ACES). The net bond proceeds "ere shared by
the wastewater Collection Fund to rehabilitate the existinq se~er
system ($3~5 .illion) and the Wastewater Treats~nt Fund to expand
the capacity of the Regional Water Quality Control Plant (RWQCPJ
($8.5 SlUlion). Both funds bad been .. eeting the principal and
intereet payment obligations based on their proportionate share of
the 1985 bond proceeds. Of the $8.5 lIillion debt beld by t.he
RMQCP, tha cities of Mountain View and Los Altos agreed to pay 51
percent and 7~8 percent, reapectively, based on their calculat~d
capacity share of the ~panded facilities.
In Auqust 1990, the City refunded the 1985 Series A Bonds with the
fi.xed rate 1990, Series. A Utility Revenue Refundin<) Bonds. The
proportionate obligation between the two yastevater funds tor the
new $9.65 .. iHion refundinq bonds remained the " ...... a .. for the 1985
S .... le. A Bond ...
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In July 1990, the cities of palo Alto, Mountain view and Los Altos
signed Addendum NO. 4 to the oriqinal aqreeaent, aalnly to aqree to
con~inu. to pay their proportionst~ share. ot debt aervice obliga
tions ot RlIQCP debt aecorcUfl9 to Exhibit A. Exhibit A, which
•• tablillhed the soheduled. debt aervice paymer..t:! for .ach city, was
based on the total paYJIent. of 1990 series Is. Bonds rather than on
the RWQC.P'. proportionate share only. statt haa prepared and
attached an amended version of Exhibit A wbicb recalculates the
Mounts in View and Los Altos debt service pa~~entB based on their
respective shares of Qnlx the RWQCP portion ot the debt.
statf rScomJ:II.enc:!a that council approve the attached amendment to
EXhibit A of Addendum No. 4 to the oriqinal aqree.ent.
Respectfully sUbmitted,
L61-~ ~a."'-'" {c v
TOIrY -SI-.NDHU
~l;:;P
Director of Finance
~,~ ~:~CitY Manaqer
Attachments: AIIE:~ed Exllibit A to Addendum to Aqreement between
Palo Alto, Mountain View, and Los Altos.
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