Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 21-079, authorizing the issuance and sale of taxable limited tax general obligation bonds of the county in an original principal amount not to exceed $24,500,000 to obtain financing for the Bomarc Building Project and the Conservation Futures Projects; 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 $24,500,000 to obtain financing for the Bomarc Building Project and various Conservation Futures projects.
BACKGROUND: These bonds are being sold to finance the capital project to acquire an approximately 43,000 square foot office/warehouse building and paved parking area located at the Bomarc Business Park at Paine Field and those Conservation Futures capital projects for the acquisition of real property, easements, development rights, covenants or other contractual rights necessary to protect, preserve, maintain, improve, restore, limit the future use of or otherwise conserve, selected open space land, farm and agricultural land and timber land for public use and enjoyment, which projects will be identified by the County Council by motion.
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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Bond Proceeds to Airport Fund 410 |
7,500,000 |
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Bond Proceeds to Conservation Futures Fund 185 |
17,000,000 |
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TOTAL |
24,500,000 |
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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 09/23/21 - Special DPA Danial Gottleib