Monday, November 6, 7:30 p.m., City Hall

The City Council will hear and consider approving a first reading of two resolutions to issue City of Piedmont Limited Obligation Refunding Bonds not to exceed $4,115,000.  The original bonds were for the expense of putting utility wires underground in three neighborhoods of Piedmont.

Questions raised by the public:

1. Will the approximate $2.4 paid for by the City to cover the costs overruns of the Piedmont Hills Undergrounding District be a part of the refunding toward reimbursing the City?
2. Will any of the refunding proceeds go toward returning balances to the PG&E funds for undergrounding in other areas of the City?
3. How are the City administrative and legal costs to execute the bond refunding included in the bond refunding?
4. Is there a guarantee that the City will not be responsible for any bond failures or costs, including administrative or legal?

Agenda item 5.

Take the following actions related to the refinancing of limited obligation bonds issued

for the Dudley/Blair/Mountain/Pacific/Hagar & Vicinity Undergrounding Assessment District; Wildwood/Crocker Avenues Undergrounding Assessment District; and the

Piedmont Hills Underground Assessment District:

Staff recommends that the City Council take the following action:

1.

Approve a resolution appointing a finance team for the issuance, sale and delivery of City of Piedmont Limited Obligation Refunding Bonds and adopting a Debt

Management Policy as required by state law.

2.

Conduct a first reading of Ordinance 736 N.S., which authorizes the issuance, sale and delivery of limited obligation refunding bonds not to exceed $4,115,000.

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