5.2 ERMUSR 04-13-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
April 13, 2021 5.2
SUBJECT:
Award of Bonds
ACTION REQUESTED:
Adopt ResolutionAwarding the Issuance and Sale of $12,620,000 Electric Revenue Bonds,
Series 2021B.
BACKGROUND:
At the March 9 meeting, the Commission passed a resolution to proceed with the issuance of
$14,460,000 2021Bbonds, and the City Council passed it at their March 15 meeting. At that
time,it was identified that the award of the bonds by the Utility Commission would come back
and be on the April 13 agenda. The amount has changed, due to changing the structure,
splitting it between the Electric and Water departments.
DISCUSSION:
ERMU, along with Baker Tilly Municipal Advisors, LLC., had a rating call with Moody’s on March
30, who then issued the report and awarded a rating of Aa3 on April 7. Proposals for the sale
were received until 10:00 a.m. CST on April 13.
The issuance and awarding of the 2021B Electric Revenue Bonds template resolution is
attached for your review. Terri Heaton from Baker Tilly will be attending our commission
meeting to bring the April 13 market sale information results, and an updated resolution for
approval.
FINANCIAL IMPACT:
Bond payments will include interest and be due February 1and August 1 of 2022 until 2051.
ATTACHMENTS:
Preliminary Official Statement Dated March 31, 2021
Template Resolution - Awarding the Issuance and Sale of $12,620,000 Electric Revenue
Bonds, Series 2021B
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