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® Makes the determination to proceed with the financing and a preliminary determination to <br />accept the SunTrust proposal. <br />• Establishes a date for the required public hearing proposed for May 3, 2007. <br />• Authorizes the Finance Officer to complete the UGC application. <br />• Provides for the County to reimburse itself for project expenditures incurred prior to <br />closing on the financing. <br />® Makes certain "findings of fact" required by the UGC in support of the County's <br />application, including a finding as to the reasonableness of the tax rate impact of the <br />debt service payments. <br />This resolution has been prepared by collaboration between bond counsel and County staff. <br />The resolution is in substantially the same form as similar preliminary financing resolutions <br />previously approved by the Board. <br />FINANCIAL. IMPACT: As mentioned above, the financing is fora 20-year term with an interest <br />rate of 4.14%. The financing is structured in a manner that calls for annual. principal payments <br />and semi annual interest payment with the first interest payment due in January 2008 (fiscal <br />year 2007-08) followed by principal and interest payments beginning in fiscal year 2008-09. For <br />fiscal year 2007-08, debt service for this financing totals $1,278,122 (just over 1 cent on the <br />projected tax rate) and the 2008-09 debt service totals $4,518,250 for principal and interest <br />(about 3.5 cents on the projected tax rate). The County Manager will include funding to repay <br />the debt in the upcoming 2007-2008 fiscal year budget. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />authorizing the staff actions as indicated. <br />