2020 COP - AUTH RESOLUTION-AGENDA.DOCX

Agenda Item Id:
Item Title
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
C Number: C-18-20-XXX-X-00
Action Requested:
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 (COPs), in an amount sufficient to finance not to
exceed $140,000,000, plus cost of issuance, to finance, or to reimburse the County for, costs related to the
construction, acquisition and equipping of County capital projects scheduled for fiscal years 2019-20 and 2020-
21. The COPs would finance capital projects for General Fund and Special Revenue Fund departments. Exhibit
A shows the proposed capital project expenditures by anticipated fiscal year.
On July 31, 2019, the Board of Supervisors approved the Authorization Resolution and Declaration of Intent to
Reimburse required for the issuance of tax exempt securities (C-18-20-003-4-00) to reimburse prior
expenditures related to the construction, acquisition and equipping of County capital projects scheduled for
fiscal years 2019-20 and 2020-21. The maximum principal amount of the obligation expected to be issued is
$140,000,000, plus cost of issuance.
Board Required Information:
Additional Information:
Adopt a Resolution approving the proceedings for the issuance of Certificates of Participation, Series 2020.
Actual issuance amount will be sized accordingly with the assistance of the County’s Financial Advisor.
Proceeds will be deposited in a Capital Projects Fund (442) which will be used to track expenditures and for
arbitrage purposes. Equipment and capital purchases from bond proceeds will be individually tracked to ensure
that purchases are capitalized, if applicable, and to track project expenditures. Financing is anticipated to occur
prior to the fiscal year-end for Expenditure Limitation (ELR) purposes. The associated debt service payments
applicable to the issuance are exempt for ELR purposes.
The financial impact will be proceeds from bond issuance, associated expenditures which are currently
budgeted in the Capital Projects Fund (442), and future debt service payments to be budgeted in the Debt
Service Fund. Collectively, these amounts will be determined at a future time which in part is contingent upon
issuance size and interest rates.
Expenditure Impact By FY:
TBD
Item Notes:
Is there a Financial Impact?
No
Is there related Managing for Results information?

Yes
Program Activity Performance/Demand Anticipated Results
Measure
Financial Services Program Debt Services Activity Percentage of customers Effective implementation
satisfied with the debt of a new financing
related services, number program that meets the
of debt financing issues needs of our internal
processed, number of debt customers.
financing issues
anticipated, dollars of
issuance divided by
amount of debt issued.
General Item Information
Department: Department of Finance
Constellation:
Contact Name: John Lewis
Phone Number: 602-506-1373
Return To: Brad Grover
Phone Number: 602-372-3502