The URL can be used to link to this page

Home My WebLink AboutR-11678 in connection with the refunding of the 2015 Nacimiento Water Project Revenue Refunding BondR 11678 RESOLUTION NO. 11678 (2026 SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS OBISPO, CALIFORNIA, IN CONNECTION WITH THE REFUNDING OF THE 2015 NACIMIENTO WATER PROJECT REVENUE REFUNDING BONDS, APPROVING CERTAIN DISCLOSURES REGARDING THE CITY AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION WITH SUCH REFUNDING WHEREAS, the City of San Luis Obispo (the “City”) has heretofore entered into a Nacimiento Project Water Delivery Entitlement Contract, as amended (the “Delivery Contract”), with the San Luis Obispo County Flood Control and Water Conservation District (the “District”), in connection with the Nacimiento Water Project (the “Project”) for the supply of additional water for the use and benefit of the lands and inhabitants served by the City; and WHEREAS, on September 26, 2007, the SLO County Financing Authority (the “Authority”) issued $157,845,000 Nacimiento Water Project Revenue Bonds, 2007 Series A (the “2007A Bonds”) and $38,565,000 Nacimiento Water Project Revenue Bonds, 2007 Series B (Taxable) in order to finance and refinance the Project; and WHEREAS, on August 19, 2015, the Authority issued $107,115,000 Nacimiento Water Project Revenue Refunding Bonds, 2015 Series A (the “2015A Bonds”) in order to refund a portion of the 2007A Bonds; and WHEREAS, the District and the Authority have determined that it is necessary and desirable to proceed with the refunding of all or a portion of the 2015A Bonds for debt service savings through the issuance and sale of Municipal Obligations (as defined in the Delivery Contract), consisting of one or more series of the SLO County Financing Authority (County of San Luis Obispo, California) Nacimiento Water Project Revenue Refunding Bonds, 2026 Series A (the “Bonds”); and WHEREAS, in connection with such refunding, this Council (the “Council”) has been presented with a form of Preliminary Official Statement, together with an appendix containing statistical and other descriptive information regarding the City (the captions containing such information being referred to herein as the “Appendix”), based upon information provided and to be provided by the City, and a form of Continuing Disclosure Agreement (the “Continuing Disclosure Agreement”); and Docusign Envelope ID: 2A1CE914-9A83-8580-8114-F14E77E62DB1 Resolution No. 11678 (2026 Series) Page 2 R 11678 WHEREAS, Section 5852.1 of the Government Code of the State of California (the “Government Code”) requires that the Council obtain from an underwriter, municipal advisor or private lender and disclose, prior to authorization of the issuance of bonds with a term of greater than 13 months, good faith estimates of the following information in a meeting open to the public: (a) the true interest cost of the bonds, (b) the sum of all fees and charges paid to third parties with respect to the bonds, (c) the amount of proce eds of the bonds expected to be received net of the fees and charges paid to third parties and any reserves or capitalized interest paid or funded with proceeds of the bonds, and (d) the sum total of all debt service payments on the bonds calculated to the final maturity of the bonds plus the fees and charges paid to third parties not paid with the proceeds of the bonds; and WHEREAS, in compliance with Section 5852.1 of the Government Code, the Council has obtained from KNN Public Finance, LLC, as municipal advisor (the “Municipal Advisor”), based on interest rate estimates provided by Loop Capital Markets LLC, as underwriter (the “Underwriter”) of the Bonds, the required good faith estimates and such estimates are disclosed and set forth on Exhibit A attached hereto. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: SECTION 1. The foregoing recitals are true and correct. SECTION 2. The form of the Appendix presented to and reviewed by this meeting of the Council, with such changes as the City Manager, Finance Director, or a designee thereof (each, an “Authorized Representative”) may determine to be in the best interests of the City, is hereby approved. The Authority is authorized to include the Appendix in the Preliminary Official Statement and Official Statement relating to the Bonds, and the Underwriter is authorized to use the Appendix in the marketing and sale of the Bonds. From the date hereof until the closing date of the Bonds (unless such date is extended in writing by the Authority), the Authorized Representatives shall notify the Authority and the Underwriter immediately upon the occurrence of any material change to informat ion regarding the City in the Appendix. SECTION 3. The form of Continuing Disclosure Agreement presented to and reviewed by this meeting of the Council is hereby approved, and the Authorized Representative of the City is hereby authorized and directed to execute and deliver a Continuing Disclosure Agreement, substantially in the form presented to and approved at this meeting of the Council, with such changes therein as the Authorized Representative and the District may approve, such approval to be evidenced by the signature of said Authorized Representative. Docusign Envelope ID: 2A1CE914-9A83-8580-8114-F14E77E62DB1 Resolution No. 11678 (2026 Series) Page 3 R 11678 SECTION 4. In accordance with Section 5852.1 of the Government Code, good faith estimates of the following have been obtained from the Municipal Advisor based on interest rate estimates provided by the Underwriter and are set forth on Exhibit A attached hereto: (a) the true interest cost of the Bonds, (b) the sum of all fees and charges paid to third parties with respect to the Bonds, (c) the amount of proceeds of the Bonds expected to be received net of the fees and charges paid to third parties and any reserves or capitalized interest paid or funded with proceeds of the Bonds, and (d) the sum total of all debt service payments on the Bonds calculated to the final maturity of the Bonds plus the fees and charges paid to third parties not paid with the proceeds of the Bonds. SECTION 5. The Authorized Representatives of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do or cause to be done any and all things and take any and all other actions in support of the issuance of the Bonds, including, without limitation, the execution of certificates and ancillary documents and the delivery of opinions on behalf of the City as may be reasonably required by the District, which they, or any of them, deem necessary or advisable in order to consummate the purposes described herein. Docusign Envelope ID: 2A1CE914-9A83-8580-8114-F14E77E62DB1 Resolution No. 11678 (2026 Series) Page 4 R 11678 SECTION 6. This resolution shall take effect immediately upon its adoption. Upon motion of Mayor Stewart, seconded by Council Member Marx, and on the following roll call vote: AYES: Council Member Boswell, Marx, Shoresman, Vice Mayor Francis, and Mayor Stewart NOES: None ABSENT: None The foregoing resolution was adopted this 18th day of August 2026. ___________________________ Mayor Erica A. Stewart ATTEST: ______________________ Teresa Purrington City Clerk APPROVED AS TO FORM: ______________________ J. Christine Dietrick City Attorney IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Luis Obispo, California, on ______________________. ___________________________ Teresa Purrington City Clerk Docusign Envelope ID: 2A1CE914-9A83-8580-8114-F14E77E62DB1 8/24/2026 | 8:28 AM PDT