Title
General Obligation Bond Resolution
Action
ACTION:
1. Adopt Resolution Making Certain Statements of Fact Concerning Proposed Bond Issues
2. Adopt Resolution Authorizing the Issuance of General Obligation Solid Waste Bonds
3. Adopt Resolution Authorizing the Issuance of General Obligation Refunding Bonds
4. Adopt Resolution Calling a Public Hearing and Directing the Filing of a Debt Statement and Statement of Disclosure
Staff Contact: David Boyd, CFO
Presentation: No
BACKGROUND/JUSTIFICATION:
As part of the currently approved Capital Improvement Plan and in addition to bonds being issued for schools, debt was also projected to fund other County projects. The County has the authority to issue additional General Obligation (GO) bonds in an amount equal to 2/3rds of the retired principal in the prior year without the need for a referendum. Moreover, GO bonds can be issued without a vote to refinance any outstanding GO debt.
These are the first actions required to issue these bonds that are currently planned for sale in late January 2025. Additional actions will be required at the December 3, 2024 BOCC meeting. These resolutions above will:
1. Authorize the resolution making certain statements of fact concerning the proposed bond issues
2. Authorize the issuance of General Obligation Solid Waste bonds in an amount not to exceed $45,000,000 to fund the costs of capital projects included in the FY2025-2029 Solid Waste Capital Improvement Plan. These bonds have been contemplated as part of the solid waste fund financial model and in the current and future rates and charges.
3. Authorize the issuance of General Obligation Refunding bonds in an amount not to exceed $90,000,000 to pay the costs of refunding in advance of their maturities all or a portion of the County's General Obligation Bonds Series 2013B and General Obligation Bonds Series 2015A. This issuance will only occur if the interest rate environment is favorable and the refinancing results in savings to the County.
4. Call for a public hearing on the bond order for Solid Waste and direct the filing of the statement of disclosures.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A