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THE CITY OF 11 <br /> -- "" CITY COUNCIL AGENDA REPORT <br /> pL EASANTONe <br /> May 3, 2011 <br /> Finance <br /> TITLE: DEFEASE TO MATURITY THE OUTSTANDING CITY OF <br /> PLEASANTON, WATER REVENUE REFUNDING BONDS, SERIES <br /> 2004 <br /> SUMMARY <br /> In November 2004 the City issued City of Pleasanton, Water Revenue Refunding <br /> Bonds, Series 2004 (Bonds) in the amount of $3,595,000. The Bonds are payable from <br /> water revenues from ratepayers from the Water Operations and Maintenance Fund. <br /> The final payment on the Bonds is September 1, 2014. Staff is recommending that the <br /> City payoff the remaining Bonds with a portion of the reserves in the Water Maintenance <br /> and Operations Fund (Water Fund). The total amount needed to payoff the Bonds is <br /> $715,916 of which $71,591 is currently on hand with the bond trustee, U.S. Bank (Bond <br /> Trustee). Therefore, the remaining funds needed to payoff the Bonds is $644,325. <br /> RECOMMENDATION <br /> Staff recommends that Council adopt the Resolution authorizing the City Manager to <br /> enter into the Escrow Instructions on behalf of the City and to defease the outstanding <br /> Bonds with existing monies held by the Bond Trustee plus a portion of the existing <br /> Water Fund reserves. <br /> FINANCIAL STATEMENT <br /> The total amount needed to payoff the Bonds is $715,916 of which $71,591 is currently <br /> on hand with the Bond Trustee; therefore, the remaining funds needed to payoff the <br /> Bonds is $644,325. These monies will come from the Water Fund's reserves of $6.0 <br /> million. <br />