Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 21-080, authorizing the issuance and sale of taxable limited tax general obligation bonds of the county in an original principal amount not to exceed $119,000,000 to refund all or a portion of the county’s Limited Tax General Obligation Bonds, 2013, and portions of the county’s limited tax general obligation refunding bonds, 2011, Series B and Limited Tax General Obligation Bonds, 2012, Series B (federally taxable); providing for the disposition of the proceeds of sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and providing for the annual levy of taxes to pay the principal thereof and interest thereon
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DEPARTMENT: Finance
ORIGINATOR: Nathan Kennedy
EXECUTIVE RECOMMENDATION: Approved Ken Klein 09/23/21
PURPOSE: To provide authority to issue and sell county taxable general obligation (GO) bonds in an original principal amount not to exceed $119,000,000 to refund all or a portion of the county’s LTGO Bonds, 2013, and portions of the county’s LTGO Refunding Bonds, 2011, Series B, and LTGO Bonds, 2012, Series B.
BACKGROUND: The county will achieve significant debt service savings by refunding these bonds, originally issued in the aggregate amount of $127,470,000, of which $107,920,000 is currently outstanding.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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Debt Principal (estimated at maximum) |
119,000,000 |
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TOTAL |
119,000,000 |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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Bond Proceeds |
119,000,000 |
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TOTAL |
119,000,000 |
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DEPARTMENT FISCAL IMPACT NOTES: Click or tap here to enter text.
CONTRACT INFORMATION:
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ORIGINAL |
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CONTRACT# |
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AMOUNT |
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AMENDMENT |
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CONTRACT# |
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AMOUNT |
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Contract Period
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ORIGINAL |
START |
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END |
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AMENDMENT |
START |
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END |
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Approved Finance Nathan Kennedy 09/22/21 - Special DPA Daniel Gottleib