Glendale Water and Power, re: Glendale Water and Power (GWP) Electric Revenue Refunding Bonds 2026 - Adoption of Ordinance and Authorizing Issuance of Bonds and Adoption of Resolution Authorizing the Invitation of Bids and Various Actions Relating to the Issuance of the Bonds (Brotman, 3/10/2026) Ordinance authorizing the issuance by the City of not to exceed $45,000,000 Aggregate Principal Amount of City of Glendale Electric Revenue Bonds, 2026 Refunding Series, Payable out of the Electric Works Revenue Fund, and approving certain other actions in connection therewith Resolution authorizing the invitation of bids for the purchase of Electric Revenue Bonds, 2026 Refunding Series of the City of Glendale; approving a Notice of Intention to Sell bonds, a Preliminary Official Statement (POS), a Notice Inviting Bids and Official Bid Form; authorizing the publication of a Notice of Intention to Sell Bonds; authorizing the execution and delivery of a final Official Statement, a Twelfth Supplement to Indenture of Trust, a Continuing Disclosure Agreement, and an Escrow Agreement; and authorizing the award of the Bonds

The City Council is adopting an Ordinance and a Resolution to authorize the issuance of up to $45,000,000 in Electric Revenue Bonds, 2026 Refunding Series. This action, introduced on March 10, 2026, allows Glendale Water and Power (GWP) to refund the outstanding 2016 Refunding Bonds (currently $43,105,000 outstanding). The refinancing is projected to generate approximately $5.6 million in net present value savings, with an estimated annual savings of $570,000 through 2038.

Key Provisions:

• Bond Issuance: Authorizes up to $45,000,000 in aggregate principal, payable solely from the Electric Works Revenue Fund.
• Refunding Mechanism: Proceeds will be used to refund the 2016 Refunding Bonds, fund a debt service reserve (if necessary), and pay issuance costs estimated at $600,000.
• Authorization: The Resolution approves the Preliminary Official Statement, Notice Inviting Bids, Twelfth Supplement to Indenture of Trust, Continuing Disclosure Agreement, and Escrow Agreement.
• Interest Rate: The maximum interest rate is capped at 6.0%, with an estimated effective borrowing cost of 2.60%.

Financial Details:

• Savings: Estimated $5.6 million (net present value) over the life of the bonds.
• Issuance Costs: Estimated $600,000, to be paid from bond proceeds.
• Security: Bonds are limited obligations payable only from the Electric Works Revenue Fund; the City's general fund and taxing power are not pledged.

Timeline:

• Issuance Date: Expected on or about May 27, 2026.
• Maturity: Serial maturities from 2027 through 2038.