Agenda - 10-19-2010 - 6a - Laserfiche WebLink

Browse Search

2 The Local Government Commission requires the percentage savings of debt service to be approximately 3.0%, or more of the amount of the refunded bonds. The proposal realizes a 4.44% savings. Market conditions could change between now and the time of issuance, potentially increasing or decreasing savings. The refunding analysis proposed refunds all of the outstanding maturities of these bonds. The application to the LGC is proposed for up to $103.6 million in order to allow the flexibility to refund the additional $19.3 million of outstanding maturities if there will be sufficient additional savings. Staff is proposing the Board approve a resolution 1) authorizing staff to proceed with an application requesting the Local Government Commission's approval to issue up to $103.6 million of General Obligation Refunding Bonds for the purpose of refunding Various debt obligations of the County, and finance the purchase of computer and telephone related equipment; and 2) authorizing Davenport and Company, LLC, to serve as Financial Advisor and the firm of Sanford Holshouser, LLP represented by Bob Jessup to serve as Bond Counsel. FINANCIAL IMPACT: The resulting financial impact of this action is a savings in future debt service costs described above. RECOMMENDATION(S): The Manager recommends that the Board hold the public hearing and approve the attached resolution 1) authorizing staff to proceed with an application requesting the Local Government Commission's approval to issue up to $103.6 million of refunding bonds for the purpose of refunding various debt obligations of the County and finance the purchase of computer software, Sheriff's Department radios and telephone related equipment; and 2) authorizing Davenport and Company, LLC to serve as Financial Advisor and the firm of Sanford Holshouser, LLP represented by Bob Jessup to serve as Bond'Counsel.