Title
Bond Resolution: General Obligation Solid Waste Bonds and General Obligation School Bonds
Action
ACTION:
1. Adopt the Bond Resolution Authorizing the Issuance of Not to Exceed $45,000,000 General Obligation Solid Waste Bonds and Not to Exceed $850,000,000 General Obligation School Bonds.
Staff Contact: David Boyd, CFO
Presentation: No
BACKGROUND/JUSTIFICATION:
The Bond Resolution authorizes the issuance of General Obligation Solid Waste Bonds, in an amount not to exceed $45,000,000, pursuant to the General Obligation Solid Waste Bond Order previously adopted at this meeting.
In addition, it authorizes General Obligation School Bonds, in an amount not to exceed $850,000,000, pursuant to a bond order authorizing the School Bonds previously adopted by the Board of Commissioners on August 2, 2023, and approved by the voters on November 7, 2023, which authorized the issuance of up to $2.5 billion of School Bonds. This is the second issuance of School Bonds under this authorization.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
Multiple tranches of School Bonds were contemplated as part of the funding plan for school projects and the current capital improvement plan, and related tax revenues are sufficient to support the issuance of the School Bonds.
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. The financial plan includes these bond issuances, and the projected future rates are sufficient to support this debt.