Minutes 04-07-2015 - Laserfiche WebLink

Browse Search

Commissioner Jacobs said he wanted to focus on the particular issue in front of the BOCC tonight. He said he does not think this particular language involves the DOT and, if returned to its original format, can address and solve the issue. He added he does see merit in a larger conversation about sidewalks as a whole at another time. VOTE: UNANIMOUS b. Public Hearinq on the Financinq of Various Capital Investment Plan Proiects and Equipment, and the Refinancinq of Two 2006 Installment Financinq The Board conducted a public hearing on the issuance of approximately $16,270,000 to finance capital investment projects and equipment for the year; carry out refinancing of approximately $10,200,000 from two 2006 installment financing issuances; and considered approving a related resolution supporting the County's application to the Local Government Commission (LGC) for its approval of the financing arrangements. Paul Laughton said the first paragraph in their abstract referred to attachment 1 that contained preliminary information given to the Board on November 6, 2014 and included information about projects, equipment and vehicles. He pointed out two changes to the numbers included in attachment 2: 1.) an additional $800,000 was added to financing for the Information Technologies for the central permitting, 2.) the Eubanks Road Solid Waste Convenience Center (SWCC) has had an additional $450,000 added to its financing based on regulatory and permitting issues, structural changes, and moving of the weight station. He said financing arrangements are being studied closely at this time. He said it had been anticipated that final approval could be brought to the BOCC at the April 21 St 2015 meeting. He said a more realistic time frame is late May 2015. He said approval with the Local Government Commission (LGC) would hopefully happen in early June 2015 and closing around the middle of June 2015. Paul Laughton said 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. He said 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. He said 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. He said 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. He said regarding the refinancing, it is estimated that the County will realize savings of approximately $451,788 over the life of the refinancing term. He said the ultimate savings will depend on interest rates at the time of closing later in the spring. Commissioner Jacobs asked the total cost of the Eubanks Road convenience center. Paul Laughton said the current estimate is $3.17 million. Commissioner Jacobs said he had read that the federal government was possibly raising interest rates in June. He asked if interest rates for this refinancing would be secured prior to that point. Paul Laughton said that is his hope. He added that all options are currently being reviewed and weighed. He said that the climate at closing is uncertain at this point as it remains sixty days away.