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P� <br />The attached resolution (Attachment 1) provides authorization from the Board for the County to <br />proceed with the refunding bond sale. As prepared by bond counsel, the resolution provides the <br />following authorizations and approvals- <br />1 . Formally authorizes the sale of up to $15,500,000 in refunding bonds; <br />2. Formally pledges the County's taxing power to provide for payment on the bonds; <br />3. Approves the proposed form of the bonds themselves; <br />4. Authorizes staff to prepare a formal disclosure document providing information on <br />the County to prospective bond purchasers, in a form consistent with previous <br />County disclosure documents of a similar nature; <br />5. States the County's agreement to comply with the relevant provisions of federal <br />tax law and the rules for continuing disclosure to the securities 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 County <br />will achieve savings of future debt service costs. The total amount of savings will be determined <br />as the County moves closer to the issuance of the bonds. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the attached <br />resolution and bond order for the sale of up to $15,500,000 of general obligation refunding <br />bonds. <br />