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With this proposed refunding, if approved, and the previous refunding, the total combined <br />savings in debt service will total approximately $2.9 million over the next 15 years. <br />Staff is proposing the Board approve a resolution 1) authorizing staff to proceed with an <br />application requesting the Local Government Commission's approval to issue up to $20 million <br />of General Obligation Refunding Bonds for the purpose of refunding the 2004A&B General <br />Obligation Bonds of the of the County. and 2) authorizing Davenport and Company, LLC, to <br />serve as Financial Advisor and the firm of Sanford Holshouser, LLP, represented by Bob <br />Jessup, to serve as Bond Counsel. <br />FINANCIAL IMPACT: The resulting financial impact of this action is a savings in future debt <br />service costs described above. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br />resolution 1) authorizing staff to proceed with an application requesting the Local Government <br />Commission's approval to issue up to $20 million of refunding bonds for the purpose of <br />refunding the 2004A&B General Obligation Bonds of the County; and 2) authorizing Davenport <br />and Company, LLC to serve as Financial Advisor and the firm of Sanford Holshouser, LLP, <br />represented by Bob Jessup, to serve as Bond Counsel. <br />