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In December 2004, the City issued $284,855,000 in revenue bonds. The proceeds from these bonds were used to refund $215 million of outstanding bonds and to fund capital expenditures through the end of 2005. The refinancing will reduce City Light's debt-related costs by $14.7 million over the life of the bonds.
When the City issues bonds, it is required to publish an "Official Statement," in which the City discloses all information that an investor would need to make a decision as to whether to purchase the City's bonds. This page provides access to the Official Statement issued by the City in connection with City Light's December 2004 bond issue.
The following sections of the 2004 Official Statement provide information on City Light's financial outlook as of the time the bonds were issued (page numbers refer to the Full Report, Adobe Acrobat version of the Official Statement):
