Agenda - 05-19-2015 - 6a - Laserfiche WebLink

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17 1 Paul Laughtonsaid the first paragraph in their abstract referredto attachment 1that 2 containedpreliminary information given to the Board on November 6, 2014 andincluded 3 information about projects, equipment and vehicles. He pointed out two changes to the 4 numbers included in attachment 2: 1.) an additional $800,000 was added tofinancing for the 5 Information Technologies for the central permitting, 2.) the Eubanks Road Solid Waste 6 Convenience Center(SWCC)has had an additional $450,000 added to its financing based on 7 regulatory and permitting issues, structural changes, and moving of the weight station. 8 He said financing arrangements are being studied closely at this time. He said it had st 9 been anticipated that final approval could be brought to the BOCC at the April 212015 10 meeting. He said a more realistic time frame is late May 2015. He said approval with the Local 11 Government Commission (LGC) would hopefully happen in early June 2015 and closing around 12 the middle of June 2015. 13 Paul Laughton said apreliminary estimate of maximum debt service applicable to the 14 capital investment projects and equipment financing wouldrequire the highest debt service 15 payment of $1,765,240 falling in FY 2016-17.He said the tax rate equivalent forthe estimated 16 highest debt service payment is approximately 1.08 cents. However, a portion ofthis debt 17 financing is related to projects where the debt service payments will be paid for fromSportsplex 18 and Solid Waste Enterprise funds, as well as a Water and Sewer project to be paidfrom the 19 Article 46 quarter-cent Sales Tax proceeds earmarked for economic development.He said the 20 General Fund portion of this annual debt service is estimated at $1.1 million,or a tax rate 21 equivalent of approximately 0.67 cents.He said based on current resources and the retirement 22 of some existing debt, no adjustment to the tax rate associated with this financing is anticipated 23 to occur during the period noted. He said regarding the refinancing, it is estimated that the 24 County will realize savings of approximately $451,788 over the life of the refinancing term.He 25 said the ultimate savingswill depend on interest rates at the time of closinglater in the spring. 26 Commissioner Jacobs asked thetotalcost of the Eubanks Road convenience center. 27 Paul Laughton said the current estimate is $3.17 million. 28 Commissioner Jacobs said he hadread that the federal government was possibly 29 raising interest rates in June. He asked if interest rates for this refinancing would be secured 30 prior to that point. 31 Paul Laughton said that is hishope. He added that all options are currently being 32 reviewed and weighed. He said that the climate at closing is uncertain at this point as it 33 remains sixty days away. 34 Commissioner Jacobs confirmed that the consideration of rising interest rates was a 35 factor in this refinancing process. 36 Paul Laughton said the goal is to have the process completedby June 30, 2015 and to 37 secure the lowest interest rates possible. 38 Chair McKee confirmed there were no public comments. 39 A motion was made by Commissioner Jacobs,seconded by Commissioner Rich for the 40 Board to close the public hearing. 41 42 VOTE: UNANIMOUS 43 44 A motion was made by Commissioner Rich,seconded by Commissioner Price to adopt 45 the resolution supporting the application to the LocalGovernment Commission for approval of 46 the financing and refinancing arrangements. 47 48 VOTE: UNANIMOUS 49 50 RES-2015-019