LAKEPORT, Calif. – This week the Lakeport City Council will discuss refinancing sewer obligation bonds first issued in the 1990s.
The council will meet in closed session at 5:30 p.m. Tuesday, Feb. 7, to discuss property negotiations before the public portion of the meeting begins at 6 p.m. in the council chambers at Lakeport City Hall, 225 Park St.
Finance Director Nick Walker's report to the council for Tuesday's meeting explains that staff is bringing back the recommendation on the sewer bonds based on an October council vote authorizing and directing staff to begin proceedings for the refinancing of the prior bonds and to work with a financing team.
The city is looking to prepay and refinance the Municipal Sewer District No. 1, South Assessment District- 91-1, Series 1993 bonds issued in April 1993 in the aggregate amount of $5,196,270, according to Walker's report.
Recommendations include authorizing and directing the issuance of a new series of limited obligation refunding bonds to cover the old ones.
In other business, the council is expected to adopt a proposed joint resolution of the council, the boards of directors of the Lakeport Municipal Sewer District, the Municipal Financing Agency of Lakeport and the Successor Agency to the Redevelopment Agency of the City of Lakeport approving the city of Lakeport Debt Management Policy.
The council also is due to consider and approve a proposed resolution authorizing signatories to the city’s checking, payroll and investment funds accounts; update the Mechanic I/II classification and authorize staff to fill the vacant electrical mechanical controls supervisor position with a full-time mechanic; authorize the Lakeport Sprint Boat Grand Prix event with staff recommendations; and authorize the city manager or her designee to transfer funds and purchase a lift station pump.
On the meeting's consent agenda – items considered noncontroversial and usually accepted as a slate on one vote – are ordinances; warrant registers dated Jan. 25; minute for the Jan. 17 council meeting; approval of Application No. 2017-005 with staff recommendations for the Quagga Mussel Outreach program at events at Library Park throughout the summer; approval of Application No. 2017-007 with staff recommendations for the annual Memorial Day Parade to be held May 27; and approval of Application No. 2017-008 with staff recommendations for the annual Oktoberfest event to be held Oct. 7.
Email Elizabeth Larson at
020717 Lakeport City Council agenda by LakeCoNews on Scribd
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