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7. A. 3.
Nagesh Chopra, Finance
Discussion and Possible Action with respect to Resolution No. ________ of the Edmond Public Works Authority (the “Authority”) rescinding Resolution No. 3-19 of the Authority authorizing the issuance of its sales tax and utility system revenue bonds, Series 2019 (the “Bonds”), in one or more series, in the aggregate principal amount of not to exceed $199,000,000; and containing other provisions relating thereto.
The Edmond Public Works Authority, during the meeting on April 8, 2019, voted to reject bids for construction of water improvements. These improvements were to be financed and the financing was authorized on January 28, 2019. As the City of Edmond PWA plans to proceed in a different manner to improve the water system, the proposed financing is not required at this time.
Immediate upon approval.
Rescinding the authorization of EPWA debt financing not to exceed $199,000,000 for water system improvements.
Staff recommends approval of resolution rescinding Resolution No. 3-19.
Motion to approve.
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