Subject:
Title
Approval to Issue Solid Waste Management System Revenue Bonds, Series 2023 within the Parameters Established by the Board of County Commissioners
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Fiscal Impact:
The Solid Waste Management System Revenue Bonds, Series 2023 ("Series 2023 Bonds") will be issued in a not to exceed $55 million aggregate principal amount with an estimated annual debt service payment of $3,500,000. The annual debt service payments will be funded from the revenues collected by the Solid Waste Management Department's ("the Department") Disposal fees. The Department's Board-approved rates will be sufficient to fund the debt service payments for the Series 2023 Bonds.
Dept/Office:
Solid Waste Management Department
Requested Action:
Recommendation
It is requested that the Board of County Commissioners ("the Board"):
1. Establish the following parameters for the public sale of the Solid Waste Management System Revenue Bonds, Series 2023 (Series 2023 Bonds): not to exceed $55 million aggregate principal amount, an underwriting discount (including management fee and expenses) not in excess of 0.40 percent of the par amount of the Series 2023 Bonds, and true interest cost for the Series 2023 Bonds of not exceeding 5 percent, and the final maturity being no later than September 1, 2053; and
2. Approve the Amended and Restated Solid Waste Management System Bond Resolution and Supplemental Resolution and authorize the Chair to sign resolutions, and;
3. Delegate authority to the Chair for the authorization, execution, and delivery of a purchase contract with the underwriters of the Series 2023 Bonds within the parameters established by the Board, and;
4. Authorize the County Manager to make the necessary budget amendments to recognize the bond proceeds from the issuance of the Series 2023 Bonds, and establish the funds and accounts required by the Amended and Restated Solid Waste Management System Revenue Bond Resolution.
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Summary Explanation and Background:
On April 19...
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