HomeMy WebLinkAboutMINUTES - 01241984 - X.1 A'- �
TO: BOARD OF SUPERVISORS
FROM: M. G. Wingett, County Administrator — '"' _ira
Costa
DATE: January 24, 1984 County
SUBJECT: Refinance of Revenue Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Authorize the County Administrator to proceed with necessary arrangements
to refinance the existing deferred financing on the 30 Muir Road, 610 Court
Street and 2425 Bisso Lane buildings.
BACKGROUND AND JUSTIFICATION
The County Financial Consultant (Bank of America) has proposed a procedure
to refinance the revenue bonds and certificates of participation for the
30 Muir Road, 610 Court Street and 2425 Bisso Lane buildings. The buildings
were financed through the Contra Costa Public Facilities Corporation .at a
time of substantially higher interest rates than at present. The Financial
Consultant has advised that through a relatively simple procedure and at no
cost to the county, it is possible to reduce the county lease payments each
year to result in reductions in the total obligation of over $1,000,000
during the 15-year term of the securities for the three buildings.
If market conditions change such as to make the refinancing uneconomical
prior to completion of the arrangements, the county would have no obligation
to proceed.
It is our recommendation that this office be authorized to proceed with the
necessary arrangements to take advantage of the favorable market conditions
to reduce the county' s annual lease payments on the buildings.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
x RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
X APPROVE OTHER
SIGNATURE(S) r `
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
UNANIMOUS (ABSENT ) 1 HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
Public Works Director
CC: County Administrator ATTESTED
County Counsel J.9. OLSSON, COUNTY CLERK
Auditor-Controller AND E OFFICIO CLERK OF THE BO6
M382/7-e8 BY . DEPUTY