Title
Limited Obligation Bond Resolution
Action
ACTION:
Adopt a Resolution Authorizing the negotiation of an Installment Financing Contract, directing the Publication of Notice of Public Hearing, declaring the intent of the County to reimburse itself for capital expenditures, and providing for certain other matters.
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 enter into an installment financing contract and issue Limited Obligation Bonds without the need for a referendum.
This action is the first action required to issue these bonds, currently planned for sale in late January 2025. Additional actions will be required at the December 3, 2024 meeting.
This resolution will authorize the issuance of Limited Obligation Bonds in an amount not to exceed $252,000,000.
This resolution also directs the publication of a notice of public hearing concerning the contract, proposed financing, and related transactions.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A