Agenda - 09-30-2014 - 6 - Laserfiche WebLink

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Sanford Holshouser LLP 17 Once the voters have approved the bonds, you are looking at a minimum of 90 to 120 days to get through the process to actually issue bonds. The County Board must adopt a resolution to formally approve the election results, and the County must publish a notice of the results that triggers a 30 -day period during which people can bring legal challenges to the bond election process. Then, to approve the issuance of bonds takes only one more Board resolution, with no other required public hearings or published notices. The real timing issue in proceeding with a bond issue centers around the progress of the projects that are going to be financed. In general, the LGC wants you to have firm construction numbers for most of the projects to be financed before you close on the financing — the LGC wants to be sure you don't borrow too much money, or too little money, or borrow it earlier than you need it. This is only LGC policy — not the law — so the LGC has flexibility in how it administers this policy. In general, the LGC will give you some more leeway in the timing of issuing voter - approved bonds than for other types of financing, but it still wants to see that you are close to construction — usually with construction bids in hand for projects representing the majority of the amount to be borrowed. Approval at a bond referendum gives the County seven years from the referendum date to issue the bonds. The law allows the LGC to extend that time for an additional three years, and in my experience the LGC routinely grants these extensions. The bonds can be issued in as many different installments as the County chooses, and there is never any obligation actually to issue bonds approved at a referendum. Please let me know if you have any questions about this information, or if I can be of any other assistance. -- RMJ 5