TITLE
Title
ADOPT BOND RESOLUTION FOR 2016A SERIES REFUNDING BONDS
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SPONSOR
Sponsor
Reid Baker
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BACKGROUND
Background
The Board of Commissioners took the initial steps in the refunding process during its March 3, 2016 regular meeting by adopting the (1) Resolution Relating to Refunding Bonds authorizing the issuance and sale of the bonds and; the (2) Resolution Introducing and Adopting Bond Order and Taking Related Action, to proceed with the authorized sale of General Obligation Bonds not to exceed $105,000,000 for refunding all or any portion of the 2009A series and the 2010C series General Obligation Bonds. Net present value savings from this refunding were estimated at approximately $9 million as of February 12, 2016.
To continue the process, the Local Government Finance Act and Local Government Commission regulations require the Board of Commissioners adopt a Resolution Authorizing Issuance of Refunding Bonds. Such bonds to be issued in accordance with the refunding bond order adopted on March 3, 2016 shall not exceed one hundred and five million dollars ($105,000,000) and shall be designated "General Obligation Refunding Bonds, Series 2016A." In addition, staff request the Board of Commissioners approve all required appropriations for refunding. Total actual appropriations will be reported to the Board after closing on the bond sale. All appropriations are anticipated to be fully offset by sale revenues.
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BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Adopt Resolution Authorizing Issuance of Refunding Bonds not to exceed one hundred and five million dollars ($105,000,000) and to be designated "General Obligation Refunding Bonds, Series 2016A; and approve all required appropriations and proceeds for refunding.
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