HomeMy WebLinkAboutCC 3 CTFS OF PARTICIPN 06-07-93AGENDA
CONSENT CALENDAR NO. 3
6-7-93
Inter-Com
ATE: JUNE 7, 1993
TO: WILLIAM HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/WATER DIVISION
SUBJECT: CERTIFICATES OF PARTICIPATION PROJECT SCHEDULE
RECOMMENDATION:
That the City Council, at its meeting of June 7, 1993, approve the attached schedule of projects to be completed
under the 1993 Series Water System Revenue Certificates of Participation.
FISCAL IMPACT:
$6,790,000 from saJe of Certificates of Participation.
BACKGROUND:
On April 5, 1993, the city issued $11,500,000 in Water System Revenue Certificates of Participation (COP).
The funds will be used to refund outstanding bonds, reimburse Orange County Water District for construction
of the Main Street Nitrate Removal Plant, and fund distribution and storage system improvements.
DISCUSSION:
The Water Rate Study and Financing Plan completed in July 1992, recommended that improvements to the water
system be fumed by three separate debt issuances in 1993, 1995, and 1997. On September 21, 1992, the City
Council adopted a three-staged rate increase which is intended to support the first two debt issuances. The major
distribution and storage projects to be funded from the current issue are purchase of property and repair of
retaining wall at Rawlings Reservoir, replacement of 7,000 feet of 16-inch riveted steel pipe in Newport Avenue
(originally installed circa 1907), and design and commencement of construction of a new 2.2 million gallon
reservoir at 235 E. Main Street. Additionally, numerous deteriorating and/or undersized steel water mains will
be replaced.
Distribution system projects are segregated into three consultant design groups (A through C) and five
construction contract groups (1 through 5). The current COP issue yielded $6,940,000 for construction and
projects listed are estimated to cost $6,790,000 with $150,000 available for contingencies. As construction
contracts are awarded, and a more precise projection of actual costs can be made, any project savings will be
dedicated to design of Project Group D.
Bob Ledendecker
Director of Public Works City Engineer
Water Service Manager
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