To: Martin L. Cousineau, Finance Committee Chairperson
From: John F. O'Brien, Deputy Drain Commissioner
title
RE: 2014 and 2015 Series Bond - Refinancing
recommendation
BOARD ACTION REQUESTED:
Approval of Refinancing Resolution
BACKGROUND:
GCDCWWS sold bonds in 2014 and 2015. They are now eligible for refinancing. Resulting in saving to the County Agency.
DISCUSSION:
In 2014 the County sold 30.289 million dollars in bonds and in 2015 sold another 60 million dollars in bonds for the construction of the Genesee County Water Treatment Facilities. The attached resolution authorizes the Drain Commissioner on behalf of Genesee County to call the existing bond and refinance the balance not to exceed 74 million dollars. This authorization does not change the term of the borrowing. The refinance also requires a minimum saving of 3% for the sale to be authorized. We intend to offer the sale in August of 2024, we will watch the market to ensure we meet the minimum saving requirements. The ordinance to authorize the refinancing contract was prepared by the County Agency, Bond Counsel Miller Canfield, and the financing terms were reviewed by our financial advisor's PFM. We are requesting this resolution be presented to the finance committee on June 5, 2024. Should you have any questions or comments my staff and I are available at your convenience.
IMPACT ON HUMAN RESOURCES:
NONE
IMPACT ON BUDGET:
NONE
IMPACT ON FACILITIES:
NONE
IMPACT ON TECHNOLOGY:
NONE
CONFORMITY TO COUNTY PRIORITIES:
Generates savings for the water supply system.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
ORDINANCE NO. 2024-____
AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF WATER SUPPLY SYSTEM REVENUE REFUNDING BONDS FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING REVENUE BONDS OF THE WATER SUPPLY SYSTEM OF THE COUNTY OF GENESEE, MICHIGAN; TO PRESCRIBE THE FORM OF THE RE...
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