Title
Resolutions Related to General Obligation Bonds, Series 2026A (Two-Thirds Bonds) (Solid Waste Bond Issuance)
Action
ACTION:
1) Adopt Resolution Making Certain Statements of Fact Concerning Proposed Bond Issues
2) Introduce Bond Order Authorizing the Issuance of General Obligation Solid Waste Bonds
3) Adopt Resolution Calling a Public Hearing on a Bond Order, Directing Publication of Notice of Public Hearing and Filing of a Debt Statement and Statement of Disclosure
Staff Contact: David Boyd, Chief Financial Officer
Presentation: No
BACKGROUND/JUSTIFICATION:
As part of the currently approved Capital Improvement Plan, and in addition to general obligation ("GO") bonds being issued for schools, debt was also projected to fund other County projects. The County has the authority to issue additional general obligation bonds in an amount equal to two-thirds of the retired principal in the prior year without the need for a referendum. Issuing debt to fund the capital plan of the Solid Waste system has long been contemplated as part of its financial planning. This action provides for the issuance of an amount not to exceed $93.925 million in GO bonds under this two-thirds rule to fund the Solid Waste projects. The final borrowing amount will be determined before the bonds are sold, based on the latest spending projections.
.
These are the first actions required to authorize the General Obligation Bonds, Series 2026A (the “Two-Thirds Bonds”), which are currently planned for sale in late November 2026. Additional actions will be required at the October 6, 2026, Board of County Commissioners ("BOCC") meeting. These resolutions will:
1. Authorize the resolution making certain statements of fact concerning the proposed Two-Thirds Bonds.
2. Introduce the Bond Order authorizing the issuance of the Two-Thirds Bonds in an amount not to exceed $93,925,000 to fund the costs of capital projects included in the FY2025-2029 Solid Waste Capital Improvement Plan. The proposed Two-Thirds Bonds have been contemplated as part of the Solid Waste Fund financial model and in the current and future rates and charges.
3. Call for a public hearing on the Bond Order, direct publication of a notice of public hearing, and direct the filing of a debt statement and statement of disclosures.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
The Solid Waste Fund financial model projects future revenues, operating costs and capital needs along with the fees and charges necessary to fund the plan. This bond issuance is contemplated within the financial plan and the projected future rates are sufficient to support this debt.