To: Board of Supervisors
From: Treasurer/Tax Collector
Agenda Section: Consent
SUBJECT:
title
2020 Interim Period Lease Financing Program
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Approve and sign the attached Professional Services Agreement (PSA) for contractual services for Bond Counsel with the law firm of Stradling, Yocca, Carlson & Rauth to draft various legal documents with and for the county to facilitate a 2020 Interim Period Lease Financing (IPLF) Program (described below) to fund various future capital improvements and projects;
2. Approve and sign the attached PSA for contractual services for Placement Agent services with Raymond James to facilitate the interim period lease financing draws within the 2020 IPLF program in the same or similar fashion as Raymond James has done previously for the 2016 IPLF program; and for facilitating future draws for various future capital improvements and projects authorized within the 2020 Interim Period Lease Financing program;
3. Approve and sign the attached Resolution showing your Board's intention to reimburse the costs incurred for the 2020 IPLF program with a public offering of tax-exempt obligations to reimburse the County of Humboldt Treasurer's Pooled Investment Fund (the "Pool");
4. Authorize the County Auditor-Controller to establish a 'debt service fund' for the reconciliation of all transactions executed within the 2020 IPLF program to satisfy generally accepted accounting principles. (Fund request attached); and
5. Authorize the County Administrative Officer or designee to fund capital improvement projects in accordance with the 2020 Finance Plan, on an as-needed basis, without further action of the Board.
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SOURCE OF FUNDING:
Interim financing to be done through the Investment Pool as approved in the Investment Policy revision dated Apr. 12, 2016. Long term financing will be through a public issuance of tax-exempt obligations once the projects h...
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