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authorizing the financing, and the adoption of a resolution approving draft financing documents, <br />The resolutions serve the following purposes: <br />• Make a preliminary determination of the projects and funding amounts to be included in <br />the Spring COPs financing. Many of these projects are scheduled to receive (or have <br />already received) additional funding from other sources, <br />• Direct the Finance Officer to apply for LGC approval for the financing.. <br />• Make the findings of fact required by LGC regulations on such matters as the desirability <br />of pursuing installment financing for these particular projects. <br />• Make the final determination to proceed with the proposed financing, <br />• Approve the financing documents and the official offering statement, <br />Disclose the intent for the County to reimburse itself far projects already undertaken, <br />Band Counsel has prepared the attached resolutions, as well as the draft financing documents, <br />The Offering Statement has been prepared and reviewed in detail by the financing team, which <br />consists of LGC staff, underwriters, bond counsel and the Finance Director.. Financing <br />documents, which are quite voluminous, have been posted for public review on the County's <br />website along with this abstract and other March 2, 2006 BOCC agenda materials, <br />FINANCIAL IMPACT: Staff will work with the LGC to issue COPs in an amount not to exceed <br />$24,000,000, That amount includes project costs, issuance costs, and bond discounts that <br />serve to lower the overall interest rates, Once the COPs have been issued, annual debt service <br />payments are expected to be in the range of $2.0 to 2.2 million, based on current market <br />conditions. These payments fall within the debt capacity parameters established in the Board's <br />Debt management Policy, which strives to maintain total annual debt service payments at no <br />more than 15% of General Fund expenditures. Costs of this debt issuance were included in the <br />projections provided to the Board at the annual planning retreat on Friday January 20, 2006. <br />RECOMMENDATION(S): The Manager recommends that the Board conduct the public hearing <br />and adopt the resolutions that authorize the Finance Director to proceed with the financing and <br />that approve the draft financing documents, <br />