ORD-2009-055 - Debt Issuance Costs and Transfers Capital Project Ordinance

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A. The Lands Legacy capital project ordinance was added to the agenda. Commissioner Gordon noted that the Lands Legacy capital project ordinance was added to the agenda for this item, and therefore that ordinance should be included in the ones that are approved. See the dark pink sheet that had the revised agenda item along with the ordinance. B. Gary Humphreys provided answers to questions in the second memo (6-2e) Commissioner Gordon also noted-that the Commissioners received an email from Gary Humphreys giving answers to questions in her second memo, and she read some of the answers into the record. Commissioner Jacobs said that at the meeting in May he raised a question about the School Capital Reserve Fund, which Gary Humphreys was not clear about -what it was, where the money came from, and what its original purpose had been. Gary Humphreys said it has been budgeted for construction and a lot of other different purposes in the past. Some of it was transferred back to the general fund. Commissioner Jacobs asked for staff to go through and find when the fund was started and history and how it was used and if it is necessary in 2009- 10. A motion was made by Commissioner Gordon, seconded by Commissioner Nelson to: 1. Approve the amended capital project ordinances, as revised by the Commissioners during their discussion. This means that it is the capital project ordinances themselves that are being approved, and not the text explaining the ordinances in other parts of the agenda materials. 2. Approve the following statement with respect to the relationship of the 2001 bonds and alternative financing: The Board of County Commissioners (BOCC) has authorized the substitution of alternative financing for certain projects approved by the voters in the 2001 bond referendum. In the future the remaining $2.7 million debt may be issued as general obligation bonds, or as alternative financing. 3. Provide to the BOCC in the fall, preferably in September 2009, a status report on the 2001 bond projects, including the amount of 2001 bond funds (or substituted alternative financing) that was spent on each project. 4. Adopt the "Capital Project Monitoring and Administrative Procedures" in principle and provide the two school systems with an opportunity to comment. 5. Direct staff to make a report on the School Capital Reserve Fund, including a definition of what it is and the history of its use.