RES-2009-082 Declaring a Public Necessity for enrollment of certain public properties as wireless telecommunication Facilities (Tower) Sites

Browse Search

2 The Gateway portion of County Campus project will be purchased in mid~February of 2009. A reimbursement resolution will be completed for this project to enable reimbursement when the financing is~ciosed in April X009. It is currently anticipated the remainder of the County Campus project will be purchased in the June-July timeframe. The Affordable Housing financing has already been committed to specific projects. The Parks and Gpen Space financing is likewise committed to complete the 2001 referendum projects. Because it is unlikely financing for the school project will occur this summer, staff is proposing to finance the entire County campus as part of this issuance. The County's debt capacity calculations generally contemplate the issuance of debt to be repaid over atwenty-year period. The recent Animal Shelter financing was issued fora 15•year term because interest rates offered fora 15 year financing were more favorable than those offered for ~o years. Financing over a shorter timeframe will result in a reduction in the amount of debt the County can issue under its debt policy which calls for maintaining debt service expenditures on general fund debt to 15°/0 of budgeted expenditures. Staff will again seek proposals for both 15 and 20 year terms as this could prove.to be a critical factor under current.market conditions. The financing will be structured to minimize the debt service in fiscal year 200910 so the county can remain consistent with its debt policy. A proposed schedule is attached for an April issuance. ~ Staff requests the Board authorize moving forward in accordance with the proposed schedule by adopting the attached resolution prepared by Bond Counsel which 1}provides for reimbursement of project expenditures from the financing, 2} authorizes staff to proceed with issuing an RFP for financing and 3} sets a public hearing for March 3, 2009. FINANCIAL IMPACT: There is no financial impact related to this action. However there will be a financial impact in proceeding with the actual issuance of the bonds. The impact will vary based on the terms of the debt. Staff will estimate the impact upon receipt of the financing proposals. RFCC]MM~NDATIUN~S}: The Manager recommends the Board authorize staff to proceed with plans to issue debt in April 2009 by approval of the attached resolution.