That the City Council:
1. Adopt Resolution Number PFA 2026-___, A Resolution of the Moreno Valley Public Financing Authority authorizing the execution and delivery of certain documents in connection with the issuance of the Moreno Valley Public Financing Authority of not to exceed $150,000,000 aggregate principal amount of Electric System Revenue Bonds, Series 2026A; authorizing execution and delivery of an installment purchase agreement, bond purchase agreement, indenture of trust and escrow agreements; approving the form of Official Statement; and authorizing the execution of documents and the taking of all necessary actions relating to the financing;
2. Adopt Resolution Number 2026-___, A Resolution of the City Council of the City of Moreno Valley approving the issuance by the Moreno Valley Public Financing Authority of not to exceed $150,000,000 aggregate principal amount of Electric System Revenue Bonds, Series 2026A; authorizing execution and delivery of an installment purchase agreement, continuing disclosure certificate, bond purchase agreement and escrow agreements; approving the form of Official Statement; and authorizing the execution of documents and the taking of all necessary actions relating to the financing;
3. Approve the necessary budget adjustments to allow the recording of the issuance of the bonds and related debt service required for Fiscal Year (FY) 2025/26 and FY 2026/27;
4. Authorize the necessary additions and budget adjustments to the FY 2025/26 and FY 2026/27 Capital Improvement Plan (CIP) and authorize the appropriation of up to $100,000,000 for this refinancing and new project. The proposed bond funded projects were included in the Capital Improvement Program approved by the City Council on June 3, 2025;
5. Approve amended City Policy 3.11 Fund Balance and Financial Reserves Policy, which includes policy updates to MVU reserve funds as previously approved by Council. Waive certain debt management policy requirements related to minimum net present value threshold requirements due to removal of debt from the General Fund; and
6. Authorize the City Manager to execute amendments to agreements with CLP Engineering, LLC, CLP Operations & Maintenance, Inc., and related agreements for the Electric System Revenue Bonds, Series 2026A within the City Council-approved annual budgeted amounts, including the authority to authorize the associated purchase orders in accordance with the terms of the agreement, subject to the approval of the City Attorney.