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DAVENPORT& COMPANY 16 <br /> May .1..6, 2017 <br /> Recommendation <br /> Based upon our review of the proposals, related analyses, and discussions with County Staff and II3ond Counsel, <br /> Davenport recommends that the County select the Sterling Blended 7/20 year proposal.The Sterling blended 7 <br /> / 20 year proposal allows the County to lock-in a 20 year interest rate of 2.83% while maintaining flexibility to <br /> prepay or refinance the loan in the future. While the 20 year final maturity results in higher overall debt service <br /> than the 15 year final maturity, the longer term amortization provides lower annual debt service payments. <br /> Given the County's upcoming CH") and Referendum projects, the 20 year amortization will provide greater <br /> budgetary flexibility and minimize the impact on the County's debt service to general fund revenue policy through <br /> the lower annual debt service payments. <br /> Next Steps <br /> May 16th County Board Meeting <br /> • County Board considers selecting a winning bidder <br /> June 6th ILGC approval <br /> County Board Meeting <br /> • County Board adopts Resolution formally approving lending proposal and <br /> substantially final financing documents <br /> On or about June 15th Close on Financing <br /> Member NYSE I FINRA I SIPC Page 5 <br />