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2 <br /> The Gateway portion of the County Campus project will be purchased in mid-February of 2009. <br /> A reimbursement resolution will be completed for this project to enable reimbursement when the <br /> financing is closed in April 2009. It is currently anticipated the remainder of the County Campus <br /> project will be purchased in the June-July timeframe. The Affordable Housing financing has <br /> already been committed to specific projects. The Parks and Open Space financing is likewise <br /> committed to complete the 2001 referendum projects. Because it is unlikely that financing for <br /> the school project will occur this summer, staff is proposing to finance the entire County Campus <br /> as part of this issuance. <br /> The County's debt capacity calculations generally contemplate the issuance of debt to be repaid <br /> over a twenty-year period. The recent Animal Shelter financing was issued for a 15-year term <br /> because interest rates offered for a 15-year financing were more favorable than those offered <br /> for 20 years. Financing over a shorter timeframe will result in a reduction in the amount of debt <br /> the County can issue under its debt policy which calls for maintaining debt service expenditures <br /> on general fund debt to 15% of budgeted expenditures. Staff will again seek proposals for both <br /> 15 and 20 year terms as this could prove to be a critical factor under current market conditions. <br /> The financing will be structured to minimize the debt service in fiscal year 2009-10 so that the <br /> County can remain consistent with its debt policy. <br /> A proposed schedule is attached for an April issuance. Staff requests the Board authorize <br /> moving forward in accordance with the proposed schedule by adopting the attached resolution <br /> prepared by Bond Counsel which 1) provides for reimbursement of project expenditures from <br /> the financing, 2) authorizes staff to proceed with issuing an RFP for financing and 3) sets a <br /> public hearing for March 3, 2009. <br /> FINANCIAL IMPACT: There is no financial impact related to this action, however there will be a <br /> financial impact in proceeding with the actual issuance of the bonds. The impact will vary based <br /> on the terms of the debt. Staff will estimate the impact upon receipt of the financing proposals. <br /> RECOMMENDATION(S): The Manager recommends that the Board authorize staff to proceed <br /> with plans to issue debt in April 2009 by approval of the attached resolution. <br />