Agenda - 04-07-2015 - 5b - Laserfiche WebLink

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County staff has been in contact with the LGC staff, and staff expects no obstacles to receiving LGC approval. If the Board adopts the resolution (indicating its intent to continue with the financing and refinancing plans), the Board will be asked to consider a resolution giving final approval to the financing and refinancing plans at its April 21, 2015 meeting. Staff expects the LGC to approve the financing and refinancing plans at the LGC's meeting on May 5, 2015. Under the current schedule, staff expects to set the final interest rates and other terms of the financing around May 5, and to close on the financing and refinancing by the end of May 2015. FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be a financial impact in proceeding with the financing. A preliminary estimate of maximum debt service applicable to the capital investment projects and equipment financing would require the highest debt service payment of $1,765,240 falling in FY 2016 -17. The tax rate equivalent for the estimated highest debt service payment is approximately 1.08 cents. However, a portion of this debt financing is related to projects where the debt service payments will be paid for from Sportsplex and Solid Waste Enterprise funds, as well as a Water and Sewer project to be paid from the Article 46 quarter -cent Sales Tax proceeds earmarked for economic development. The General Fund portion of this annual debt service is estimated at $1.1 million or a tax rate equivalent of approximately 0.67 cents. Based on current resources and the retirement of some existing debt, no adjustment to the tax rate associated with this financing is anticipated to occur during the period noted. Regarding the refinancing, it is estimated that the County will realize savings of approximately $451,788 over the life of the refinancing term. RECOMMENDATION(S): The Manager recommends that the Board conduct the public hearing, close the public hearing, and adopt the resolution supporting the application to the Local Government Commission for approval of the financing and refinancing arrangements.