Vote — approved

Gallardo School Superintendent	yes
and Clint Hickman	yes
Steve Chucri	yes

53.RESOLUTION FOR DECLARATION OF OFFICIAL INTENT TO REIMBURSE FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986Authorize the Chairman to approve and execute the Resolution, which constitutes a Declaration of Official Intent to Reimburse required for the issuance of tax exempt securities to reimburse prior expenditures, related to the acquisition of County capital purchases and related equipment for the 225 West Madison Project applicable to Fiscal Years 2016-17 to 201

Item Text

53. RESOLUTION FOR DECLARATION OF OFFICIAL INTENT TO REIMBURSE FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986 Authorize the Chairman to approve and execute the Resolution, which constitutes a Declaration of Official Intent to Reimburse required for the issuance of tax exempt securities to reimburse prior expenditures, related to the acquisition of County capital purchases and related equipment for the 225 West Madison Project applicable to Fiscal Years 2016-17 to 2018-19. The County is anticipating issuing tax-exempt obligations to finance equipment and/or capital purchases in the Capital Projects Fund for the project. The maximum principal amount of obligations expected to be issued is $115,631,782. Exhibit A shows the proposed equipment and/or capital purchases (but not limited too) by anticipated fiscal year. The County reasonably expects to reimburse the expenditures with proceeds of a tax exempt borrowing. The Finance and Budget Departments have determined a need for the County to issue tax exempt securities to finance capital purchases for the 225 West Madison Project. Bond proceeds will be deposited into a Capital Projects Fund (441) to track expenditures and for arbitrage compliance. Equipment and capital purchases from bond proceeds will be individually tracked to ensure that purchases are capitalized, if applicable, and to track project expenditures. The benefit to the County for issuing long-term debt obligations is debt payments are exempt from the ELR. (C-18-18-003-4-00)

Attachments (2)

Vote — approved

Steve Gallardo	abstain
Bill Gates	abstain
Clint Hickman	abstain
Gallardo Human Resources	yes
and Clint Hickman	yes
Denny Barney	abstain
Steve Chucri	yes

48.RESOLUTION FOR LEASE AND LEASE-PURCHASE, EXECUTION AND DELIVERY OF AMENDMENTS AND SUPPLEMENTS TO LEASE-PURCHASE AND TRUST AGREEMENTS, AND FOR THE ISSUANCE OF CERTIFICATES OF PARTICIPATIONAdopt a Resolution authorizing the Lease and Lease-Purchase of certain real property and the delivery and execution of amendments and supplements to lease-purchase and trust agreements for the issuance of tax exempt securities, consisting of certificates of participation, in an amount sufficient to finance no

Item Text

48. RESOLUTION FOR LEASE AND LEASE-PURCHASE, EXECUTION AND DELIVERY OF AMENDMENTS AND SUPPLEMENTS TO LEASE-PURCHASE AND TRUST AGREEMENTS, AND FOR THE ISSUANCE OF CERTIFICATES OF PARTICIPATION Adopt a Resolution authorizing the Lease and Lease-Purchase of certain real property and the delivery and execution of amendments and supplements to lease-purchase and trust agreements for the issuance of tax exempt securities, consisting of certificates of participation, in an amount sufficient to finance not to exceed $115,631,782, plus cost of issuance, for the Madison Street Jail Adaptive Reuse capital project of the County as approved by the Board of Supervisors on September 20, 2017. On September 20, 2017, the Board of Supervisors approved the Authorization Resolution and Declaration of Intent to Reimburse required for the issuance of tax exempt securities (C-18-18-003-4-00) to reimburse prior expenditures related to the acquisition of County capital purchases and related equipment for the Madison Street Jail Adaptive Reuse capital project. The maximum principal amount of the obligation expected to be issued is $115,631,782 plus cost of issuance. (C-18-18-008-4-00)

Attachments (3)