Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 22-046, authorizing the issuance and sale of Tax-Exempt Limited Tax General Obligation Bonds of the County in an original principal amount not to exceed $95,000,000 to obtain financing for the Arlington Public Works Operations Center Project and thee Sno911 Project; 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 by Ken Klein 09/22/22
PURPOSE: To provide authority to issue and to sell county tax-exempt general obligation (GO) bonds in an original principal amount not to exceed $95,000,000 to obtain financing for the Arlington Public Works Operations Center Project and the SNO911 Project.
BACKGROUND: These bonds are being sold to finance two capital projects. The first project is to redevelop an existing 17.5-acre site in Arlington owned and operated by Snohomish County Public Works to provide a new administration building, new paving/parking, utility improvements including large underground stormwater vaults, contaminated soil remediation, necessary road frontage improvements, and site security features including new fencing & gates, and other related on- and offsite improvements. The second project is to loan money from the County to SNO911 in an amount not to exceed $49,000,000 to finance the acquisition, design, construction, remodeling, furnishing and/or equipping of a centralized building for housing SNO911’s facilities and equipment, and costs of issuance and other transaction costs.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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TOTAL |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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Bonds proceeds to PWKs Facility Cons Fund #188 |
NTE $42,000,000 |
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Bonds proceeds to Emer Comm Sys Fac Fund #170 |
NTE $53,000,000 |
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TOTAL |
NTE $95,000,000 |
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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 |
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END |
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AMENDMENT |
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END |
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Reviewed/approved by Finance - Nathan Kennedy 09/22/22