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Page 4 of 5 <br />Method of Sale <br />The goal in choosing the method of sale is to place the City in the best possible position to <br />meet its debt issuance financing goals by leveraging the characteristics of the chosen method <br />to our advantage. The table below provides a brief summary of the various sale types. <br /> <br />Table 3. Summary of Method of Sales Types <br /> <br />The City would benefit from working with an underwriter in a negotiated sale. While the water <br />fund has a strong credit rating, Net Revenues recently (FY 2022/23) provided less than 100 <br />percent coverage on current debt service. With a negotiated sale, there is greater flexibility in <br />terms of timing, an increased ability to develop a robust investor marketing plan, and a <br />commitment from underwriters to underwrite bonds as needed. For example, Siebert Williams <br />Shank took in $12.8 million of the $17.3 million on the 2024 Bonds, maintaining competitive <br />pricing levels. <br /> <br />Staff anticipates returning to Council on September 15, 2026, to approve the bond sale, with <br />the sale occurring around the fourth week of September and close (money in the project fund) <br />in the second week of October. <br /> <br />EQUITY AND SUSTAINABILITY <br />Not applicable, as this item is an administrative matter of City business. <br /> <br />OUTREACH <br />No outreach was conducted, as this item is an administrative matter of City business. <br /> <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this action aligns with the ONE Pleasanton strategic plan goal of Investing in Our <br />Environment, including: <br />• Implementing the five-year Capital Improvement Program (CIP) to complete the design <br />and construction of budgeted projects; <br />Page 226 of 373