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2 <br />will also include amounts to pay transaction costs. In order to proceed with the refunding, the <br />Board of County Commissioners must adopt a Resolution for the Sale of Refunding Bonds <br />(attached). <br />Currently, the total amount of issuance would be $75 million including the financing for <br />Elementary #11, County Capital Projects and the refinancing of $50 million of existing debt <br />obligations. <br />FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be <br />a financial impact in proceeding with the financing. A preliminary estimate of maximum debt <br />service applicable to the school and County projects financing would require $513,050 in fiscal <br />year 2012-13 with the highest debt service payment of $1.752 million falling in fiscal year 2020- <br />2021. The tax rate equivalent for the highest debt service payment is approximately 1.14 cents. <br />The projected savings from the refinancing would reduce future debt service costs. The <br />estimated annual effect of the contemplated refinancing would be an average of $206,671. The <br />actual effects of the new debt service and refinancings may be higher or lower. These effects <br />will be established by the time of the closing. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br />resolution authorizing the sale of the limited obligation bonds to finance CHCCS Elementary#11, <br />various County Capital Projects and the refinancing of several debt obligations of the County. <br />2 <br />