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2 <br /> 3. Approves the forms of the various financing documents, including the "official statement" <br /> that will be used to provide information to prospective bond investors (copies of all draft <br /> documents are available on request from the Finance Office); <br /> 4. States the County's agreement to comply with the relevant provisions of federal tax law; <br /> and <br /> 5. Authorizes County staff to complete the process of issuing the bonds, and approves the <br /> steps to that end previously taken. This includes authorizing the Finance Officer to <br /> determine the final amount of the bond issue and the final principal payment schedule, to <br /> make the final call for redemption on the old financings, and generally to take all <br /> appropriate action to close these bonds and refund the old bonds. <br /> The actual interest rates on the bonds will be set on November 2, and the closing on the bonds <br /> is scheduled for November 16. <br /> Bonds Refunded Original Current Market <br /> Interest Rates Interest Rates <br /> 2006 Installment Financing 2.13% 1.65% <br /> 2011 Limited Obligation Bonds 5.00% 2.08% <br /> 2012 Limited Obligation Bonds 3.25%-5.00% 2.65% <br /> 2013 Installment Financing Draw 2 2.13% 2.05% <br /> 2016 Installment Financing Draw 1 2.30% 1.68% <br /> 2016 Installment Financing Draw 2 2.55% 2.37% <br /> FINANCIAL IMPACT: A preliminary estimate of the net present value savings through final <br /> loan maturity is $1,745,000 based on current market estimates as of October 3, 2017. The net <br /> present value savings represents 4.16% of the refunded bonds. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this agenda item: <br /> • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs and funding necessary <br /> for residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners <br /> adopt the final resolution supporting the refinancing of the County's existing Limited Obligation <br /> Bonds. <br />