To: Board of Supervisors
From: Treasurer/Tax Collector
Agenda Section: Consent
SUBJECT:
title
Rollover of 2016 Interim Lease Financing into 2019 Interim Lease Financing
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 2019 Interim Lease Financing Program (described below) into which the current 2016 Interim Lease Financing Program will be converted; and to fund various future capital improvements and projects;
2. Approve and sign the attached Professional Services Agreement (PSA) for contractual services for Placement Agent services with Raymond James to facilitate the interim period lease financing draws within the 2019 Interim Lease Financing Program in the same or similar fashion as Raymond James has done previously for the 2016 Interim Lease Financing Program; and for facilitating future draws for various future capital improvements and projects authorized within the 2019 Interim Lease Financing Program; and
3. Approve and sign the attached Resolution showing your Board's intention to reimburse the costs incurred for the 2019 Interim Lease Financing Program with a public offering of tax-exempt obligations to reimburse the County of Humboldt Treasurer's Pooled Investment Fund (the "Pool").
Body
SOURCE OF FUNDING:
Interim financing to be done through the Investment Pool as approved in the Investment Policy revision dated April 12, 2016. Long term financing will be through a public issuance of tax-exempt obligations once the projects have been completed (anticipated to be late in calendar 2023).
DISCUSSION:
Your Board approved the attached 2016 Interim Financing (D-21) on June 21, 2016. Pursuant to the 2016 Interim Financing, the county has drawn down approximately $2.5 millio...
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