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UTILITIES COMMISSION MEETING <br />TO:FROM: <br />ERMU Commission Melissa Karpinski –Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />April 13, 2021 5.2 <br />SUBJECT: <br />Award of Bonds <br />ACTION REQUESTED: <br />Adopt ResolutionAwarding the Issuance and Sale of $12,620,000 Electric Revenue Bonds, <br />Series 2021B. <br />BACKGROUND: <br />At the March 9 meeting, the Commission passed a resolution to proceed with the issuance of <br />$14,460,000 2021Bbonds, and the City Council passed it at their March 15 meeting. At that <br />time,it was identified that the award of the bonds by the Utility Commission would come back <br />and be on the April 13 agenda. The amount has changed, due to changing the structure, <br />splitting it between the Electric and Water departments. <br /> <br />DISCUSSION: <br />ERMU, along with Baker Tilly Municipal Advisors, LLC., had a rating call with Moody’s on March <br />30, who then issued the report and awarded a rating of Aa3 on April 7. Proposals for the sale <br />were received until 10:00 a.m. CST on April 13. <br /> <br />The issuance and awarding of the 2021B Electric Revenue Bonds template resolution is <br />attached for your review. Terri Heaton from Baker Tilly will be attending our commission <br />meeting to bring the April 13 market sale information results, and an updated resolution for <br />approval. <br /> <br />FINANCIAL IMPACT: <br /> <br />Bond payments will include interest and be due February 1and August 1 of 2022 until 2051. <br /> <br />ATTACHMENTS: <br /> Preliminary Official Statement Dated March 31, 2021 <br /> Template Resolution - Awarding the Issuance and Sale of $12,620,000 Electric Revenue <br />Bonds, Series 2021B <br /> <br /> <br />______________________________________________________________________________ <br />Page 1 of 1 <br />256 <br />