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The Board is asked to complete the final steps required in order to gain approval of the debt <br />issuance from the Local Government Commission for the bonds and to authorize staff to take <br />the steps necessary to accomplish the installment financing, Board actions required include: <br />• Conduct a public hearing on the two bond orders and the resolution regarding the <br />installment purchase financing. The public hearing can be conducted on all items at <br />once, <br />After the public hearing, the Board is asked to consider adoption of the bond orders and <br />the resolution regarding the installment financing.. The installment financing resolution <br />provides final Board approval for the alternative financing portion of the plan approved by <br />the Board on May 5. It confirms the financing plan, approves the forms of financing <br />documents and authorizes staff to complete the financing process. At the suggestion of <br />staff of the Local Government Commission, this resolution also approves the possibility <br />of a short-term bank-placement financing that could be used to provide financing in <br />advance of completing the COPs financing, if that turns out to be in the County's best <br />interest, <br />Finally, the Board will be asked to adopt another resolution related to the sale of the two- <br />thirds bonds and the $197 million 2001 referendum bonds. <br />The resolutions, among other matters, approve the forms of financing documents, All <br />documents have been reviewed by staff and bond counsel, and are in forms substantially <br />similar to documents used for prior County financings. Copies of the documents referenced in <br />the resolutions are available from Finance Director and Bond Counsel, <br />If the Board takes the actions mentioned above, the Clerk should be instructed to publish a <br />"Notice of Adoption" far the bond orders mentioned above. <br />FINANCIAL IMPACT: As mentioned during the June 8, 2004 Board Meeting, Rands totaling <br />$795,800 are included in the 2004-2005 Manager's recommended budget to pay the estimated <br />interest payments required for all of the above mentioned debt, The initial principal payments <br />will not come due until the 2005-2006 fiscal year, <br />RECOMMENDATION(S): The Manager recommends that the Board conduct the public <br />hearing on the two Band Orders and on the Installment Financing, After the public hearing, the <br />Manager recommends that the Board (a) adapt the Bond Order for $3.9 million public building <br />bonds, (b) adopt the Bond Order for $300,000 bonds far land acquisition, (c) adapt the <br />resolution directing the Clerk to publish notice of the adoption of the bond orders, (d) adopt the <br />resolution providing for the sale of general obligation bonds, and (e) adopt the resolution <br />providing final approval for the County's installment financings, <br />