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2 <br /> 2. Formally pledges the County's taxing power to provide for payment on the <br /> bonds; <br /> 3. Approves the proposed form of the bonds themselves; <br /> 4. Authorizes staff to prepare a formal disclosure document providing information <br /> on the County to prospective bond purchasers, in a form consistent with <br /> previous County disclosure documents of a similar nature; <br /> 5. States the County's agreement to comply with the relevant provisions of <br /> federal tax law and the rules for continuing disclosure to the securities <br /> markets; and <br /> 6. Authorizes County staff to complete the process of issuing the bonds. <br /> FINANCIAL IMPACT: The financial impact of proceeding with the refunding is that the <br /> County will achieve savings of future debt service costs. The total amount of savings <br /> will be determined as the County moves closer to the issuance of the bonds. <br /> RECOMMENDATION(S): The Manager recommends that the Board adopt the <br /> attached resolution for the sale of up to $20,000,000 of general obligation refunding <br /> bonds. <br />