Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Approving HASCO Bond Issue
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DEPARTMENT: Finance
ORIGINATOR: Nathan Kennedy
EXECUTIVE RECOMMENDATION: Approved
PURPOSE: Approve the issuance by the Authority of the Bonds, in the aggregate principal amount of not to exceed $22,000,000 for HASCO.
BACKGROUND: Housing Authority of Snohomish County (HASCO) is requesting that the County Executive approve the issuance by the Authority of the Bonds, in the aggregate principal amount of not to exceed $22,000,000. Said bonds are for Marysville Cedar and Grove LLLP, a Washington limited liability limited partnership, to finance the acquisition, construction and/or equipping of a 124-unit multifamily apartment complex to be known as Leonard Crossing and located at 1098 Cedar Avenue in Marysville, Washington. Said bonds are and will not ever be a financial obligation of the County and the County is not issuing the debt. This type of debt is not even “conduit” debt. CFR Section 147(f)(2)(A)(ii) requires approval of the representing elected official of the jurisdiction HASCO is operating in. Please note that ONLY THE EXECUTIVE CAN SIGN and it cannot be delegated. Assuming the Executive Office approves of the issuance, the Finance Director will organize a DocuSign document to be sent to the Executive.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
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DEPARTMENT FISCAL IMPACT NOTES: There is no fiscal impact upon the County.
CONTRACT INFORMATION:
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Contract Period
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Click or tap here to enter text.