Agenda - 01-22-2009 - 6d - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: January 22, 2009 Action Agenda Item No. SUBJECT: Proposal for Issuance of Capital Project Financing DEPARTMENT: Finance Department PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Project Financing Schedule Gary Humphreys 919-245-2453 Resolution Robert Jessup 919/755-1800 PURPOSE: To present a proposal for issuance of Capital Project financing to address financing needs related to authorized capital projects. BACKGROUND: At the August 19, 2008 meeting the Board of County Commissioners approved staff moving forward with plans to issue alternative financing rather than general obligation bonds for the remaining $6.9 million of Alternative Housing and Parks and Open Space authorization from 2001 voter approved bonds. As stated at that time the intent was to proceed with a Request for Proposals (RFP) for issuing direct bank financing for this purpose early in 2009 along with financing for the County Campus and other projects which have been approved by the Board. At the September 16, 2008 meeting the Board authorized financing the purchase of a refuse truck for the Sanitation division of Solid Waste in the amount of $217,000. Earlier on this agenda, the Board considered a proposal for the PIMS system which has a preliminary cost estimate of $2,500,000. Staff proposes to finance $1,500,000 at this time and issue the remainder in early 2010. These two items do not require Local Government Commission (LGC) approval because the financing term is less than five years. Staff believes current market conditions favor this approach and are requesting to proceed with alternative financing to be issued in April of 2009. The County projects proposed for this financing are as follows: County Campus and Library Development $25,000,000 Parks & Open Space 5,500,000 Affordable Housing 1,400,000 PIMS System 1,500,000 Solid Waste Equipment 217,000 $33,617,000