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THE CITY OF 21 IIIIII _,_ CITY COUNCIL AGENDA REPORT pLE ASANTON© July 20, 2021 Finance TITLE: APPROVE LIVERMORE-AMADOR VALLEY WATER MANAGEMENT AGENCY REFUNDING REVENUE BONDS AND RELATED DOCUMENTS AND ACTIONS SUMMARY The Livermore-Amador Valley Water Management Agency (LAVWMA) is proposing to refinance its outstanding 2011 Sewer Revenue Refunding Bonds by issuing 2021 Sewer Revenue Refunding Bonds. The purpose of the refinancing is to save money from lower interest rates. Based on June 10, 2021 market conditions, average annual debt service savings are estimated to be $1.2 million and total net present savings are estimated to be $12.2 million over the ten year term of the 2021 Bonds. The 2021 Bonds will mature in 2031 which is the final maturity of the 2011 Bonds. The 2011 Bonds, which were originally issued in October 2011 in the principal amount of $105,345,000, are currently outstanding in the principal amount of $69,360,000, including the August 1, 2021 maturity ($4,940,000). The 2011 Bonds are callable in whole on any date without a premium beginning August 1, 2021. Pleasanton pays its share of debt service on LAVWMA bonds from net revenues of regional sewerage facilities operated by the Dublin San Ramon Service District for the benefit of Pleasanton. Pleasanton's share of the projected average annual debt service savings is $399,895. RECOMMENDATION Adopt a resolution to: 1. Approve the issuance by the Livermore-Amador Valley Water Management Agency of refunding revenue bonds; 2. Authorize the form of and authorize an authorized officer to execute the Second Amended and Restated Sewer Service Contract among the Livermore-Amador Valley Water Management Agency, the City of Livermore, the City of Pleasanton, and the Dublin San Ramon Services District; 3. Approve that portion of the Official Statement for the proposed refunding revenue bonds that specifically pertains to the City of Pleasanton and its finances; 4. Approve the form of and authorize an authorized officer to execute the Continuing Disclosure Certificate; and 5. Authorize and direct the Mayor, the Vice Mayor, the City Manager, the Finance Director, the City Clerk and any and all other officers of the City to take any and all actions to consummate any of the transactions contemplated by the documents approved pursuant to the resolution.