Vote — approved

Jack Sellers	yes
Thomas Galvin	yes
Bill Gates	yes
Clint Hickman	yes
Steve Gallardo	yes

Ayes: Jack Sellers, Thomas Galvin, Bill Gates, Clint Hickman, Steve Gallardo

Item Text

91. RESOLUTION FOR LEASE AND LEASE-PURCHASE BACK OF CERTAIN REAL PROPERTY, EXECUTION AND DELIVERY OF GROUND LEASE, LEASE-PURCHASE AGREEMENT, AND TRUST AGREEMENTS, AND FOR THE ISSUANCE OF TAXABLE PLEDGE REVENUE OBLIGATIONS Adopt a Resolution authorizing the Lease and Lease-Purchase back of certain real property, in order to finance a portion of the County’s unfunded liabilities with respect to the Arizona Public Safety Personnel Retirement System (PSPRS) and Correctional Officers Retirement Plan (CORP) or, to the extent not so used, to finance other projects or to pay other expenses of the County approved by the Board and to pay costs of delivery; authorizing notice to the public of the lease an lease-purchase of the property and providing for the award thereof to the highest responsible bidder; authorizing the execution and delivery of a ground lease, a lease-purchase agreement and a trust agreement and other necessary agreements, instruments and documents; approving the execution and delivery of pledge revenue obligations to provide the necessary financing therefor, with lease payments by the County to be made solely from certain pledged revenues imposed or received by the County; and authorizing other actions and matters in connection therewith. The maximum original amount of obligations expected to be issued is $180,000,000. The proceeds for this financing will be deposited into a pension fund reserve in the Pension Reserve Fund (Fund 510) and subsequently transferred to the PSPRS and CORP retirement plans, as directed by the Board and in accordance with the County’s pension funding strategy. The benefit to the County for issuing long-term debt obligations is debt payments are exempt from the ELR. The FY 2025 budget will be amended to account for the PSPRS/CORP payment, applicable debt service costs, and the anticipated cost of issuance for a total amount not to exceed $92 million. Approve a transfer of $6,000,000 from the General Fund County Improvements Fund (445) to the Pledged Revenue Debt Fund (322). In accordance with A.R.S. §42-17106(B), authorize the following amendments to the Non-Departmental (D470) budget: a) Increase the expenditure appropriation in Non Departmental (D470) Pension Reserve Fund (510) Non Recurring Non Project (NRNP) budget by $86,000,000 b) Increase the revenue appropriation in Non Departmental (D470) Pension Reserve Fund (510) Non Recurring Non Project (NRNP) budget by $180,000,000. c) Increase the expenditure appropriation in Non Departmental (D470) Pledged Revenue Debt Fund (322) Non Recurring Non Project (NRNP) budget by $6,000,000. d) Increase the revenue appropriation in Non Departmental (D470) Pledged Revenue Debt Fund (322) Non Recurring Non Project (NRNP) budget by $6,000,000. e) Increase the expenditure appropriation in Non Departmental (D470) General Fund County Improvements Fund (445) Non Recurring Non Project (NRNP) budget by $6,000,000. f) Decrease the revenue and expenditure appropriation authority in the Non Departmental (D470) Non Departmental Grant Fund (249) Non Recurring Non Project (NRNP) budget by $92,000,000. g) Offsetting revenue and expenditure adjustments in the Eliminations (D980) Eliminations Fund (900) Non Recurring Non Project (NRNP) budget by $6,000,000. These actions will have an overall net impact of zero. (C-18-24-134-X-00)

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