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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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9/26/2019 1:13:08 PM
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BOCC
Date
10/1/2019
Meeting Type
Regular Meeting
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Agenda
Agenda Item
6-a
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Agenda 10-01-19 Regular Board Meeting
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70 <br /> construction of the detention center and other buildings), the County estimates the current value of this <br /> property to be approximately $1.2 million. The County commissioned an independent environmental <br /> evaluation of the Northern Campus before completing the acquisition, and this evaluation called for no <br /> additional environmental action to be undertaken by the County prior to construction. <br /> NO OTHER FACILITY OR IMPROVEMENT FINANCED WITH THE 2019B BONDS <br /> WILL BE INCLUDED AS PART OF THE MORTGAGED PROPERTY. <br /> The Trust Agreement and Modified Deed of Trust generally allow the County to direct the release <br /> of any portion of the Mortgaged Property, in the County's discretion, so long as the taxable, appraised or <br /> insured value of the property remaining subject to the lien of the Modified Deed of Trust following such <br /> release is at least equal to 50% of the principal amount of the Outstanding Bonds. See "THE DEED OF <br /> TRUST—No Transfers; Releases; Grants of Easements"in Appendix C hereto. <br /> ESTIMATED SOURCES AND USES OF FUNDS <br /> The County estimates the sources and uses of funds for the plan of finance to be as follows: <br /> SOURCES: <br /> Par Amount of the 2019B Bonds <br /> [Net] Original Issue Premium/Discount <br /> TOTAL SOURCES OF FUNDS <br /> USES: <br /> Deposit to Project Fund <br /> Costs of Issuance' <br /> TOTAL USES OF FUNDS <br /> ' Includes legal fees,underwriters' compensation,financial advisor fees,rating agency fees,fees and expenses of the Trustee <br /> and miscellaneous fees and expenses. <br /> TOTAL ANNUAL DEBT SERVICE REQUIREMENTS <br /> The following table sets forth for each Fiscal Year of the County, the debt service required to be <br /> paid by the County under the Trust Agreement with respect to the 2019B Bonds and the Prior Bonds. <br /> 2019B Prior <br /> Bonds Total Bonds Total <br /> Fiscal Year Principal Principal <br /> (Ended June 30) and Interest and Interest'- Total <br /> 2020 <br /> 2021 <br /> 2022 <br /> 2023 <br /> 2024 <br /> 2025 <br /> 2026 <br /> 2027 <br /> 2028 <br /> 2029 <br /> 2030 <br /> 2031 <br /> 2032 <br /> 2033 <br /> 2034 <br /> 14 <br />
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