To: Martin L. Cousineau, Finance Committee Chairperson
From: Chrystal Simpson, Chief Financial Officer
title
RE: Approval to provide notice of intent to issue bonds for capital improvements and giving notice of intent to reimburse project expenditures with bond proceeds
recommendation
BOARD ACTION REQUESTED:
Approval to provide the notice of intent to issue bonds for capital improvements in the amount of $21,500,000 and giving notice of intent to reimburse project expenditures with bond proceeds
BACKGROUND:
Capital improvement planning has been a major focus for the County. Resolution 2023-206 approved a private placement borrowing of $9,000,000 as part of the Tower renovation project. There are additional capital needs included in the capital improvement plan adopted by the Board of Commissioners on September 13, 2023 that are urgent in nature. We would like to combine $7,500,000 of those improvements and $5,000,000 of Parks needed improvements with the $9,000,000 for the Tower to issue a bond in the amount of $21,500,000 as it is more economical to go through the bonding process once.
Attached is the list of projects we would like to include in the bonding and in the event that there are any savings from those projects, we would use the remaining bond proceeds for other projects included in the adopted capital improvement plan.
DISCUSSION:
Attached is a resolution authorizing publication of notice of intent to issue bonds in the not-to-exceed amount of $21,500,000 and declaring official intent to reimburse project expenditures with bond proceeds. The notice of intent to issue bonds is attached to the resolution. The publication of the notice starts a 45-day referendum period. Please note that only the notice gets published (not the entire resolution) and that the notice must take up at least 1/4 of the page in the newspaper in order to start the referendum period. If the notice does not cover at least 1/4 of the page, it will have to be republ...
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