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  Item #   7. A. 3.    
City Council
Meeting Date: 05/13/2019  
Submitted For: Warren Porter Submitted By: Nagesh Chopra, Finance

Information
Item
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.
Background
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.
Time Frame
Immediate upon approval.
Issue
Rescinding the authorization of EPWA debt financing not to exceed $199,000,000 for water system improvements.
Recommendations
Staff recommends approval of resolution rescinding Resolution No. 3-19.
Action Needed
Motion to approve.
Public Notification
Posted Agenda.

Fiscal Impact
Attachments
EPWA Resolution

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