HomeMy WebLinkAboutMINUTES - 10261993 - 1.56 1.56
TO: BOARD OF SUPERVISORS Contra
1
Barton J. Gilbert, / Costa
FROM:
Director of General Set-vices s
County
DATE: October 26, 1993
SUBJECT: Refinancing of Leases
SPECIFIC REOUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
I. RECOMMENDATIONS':
APPROVE and AUTHORIZE the Purchasing Agent to consumate and takeall
necessary other action to refinance existing County leases as described
below.
II. BACKGROUND:
The General Services Department and the County Administrator's Office
have reviewed- existing County leases for personal property and real
property improvements to determine the economic feasability to refinance
at lower interest rates. It was determined that the County could
significantly lower its payments on existing debt of approximately
$2,000,000.00 by completing buyout of the remaining principal on
twenty five (25) leases and to consolidate under one Master Lease/
Purchase Agreement at interest rates which are much lower in today's
economic marketplace.
The County, ..in association with Transocean Funding, Inc. will issue
Certificates of Participation, from which the proceeds of the sale will
be applied to refinancing the existing leases and also fund acquisition
of certain equipment essential to the County. (Document on file with
Clerk of the Board) .
III. FISCAL IMPACT:
By reducing the interest rate through the refinancing of existing leases
the County will save approximately $200,000.00.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON ` APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
x I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN. C
CC: County Adminstrator ATTESTED
General Services Department PHIL BATCHELOR,CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
BY DEPUTY
M382 (10/88)