HomeMy WebLinkAboutMINUTES - 07121988 - 1.122 TO: BOARD OF SUPERVISORS 1—12
FROM: Contra
Phil Batchelor, County Administrator Costa
DATE: C I "JIJWlC1
July 12, 1988
SUBJECT:
1988 Certificates of Participation Refunding Issue
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. Authorize the Chairman of the Board and the County
Administrator to travel to New York to conclude negotiations
and complete agreement on the terms and conditions with the
Bond Investors Guaranty Company for insuring the 1988
Refunding Issue.
2. Authorize the Chairman of the Board to execute necessary
documents to obtain insurance for the 1988 Certificate
Refunding Issue.
FINANCIAL IMPACTS
The success of the 1988 Certificate Refunding Issue depends upon
obtaining the insurance guaranty for the certificates. The
refunding will improve General Fund cash flow by approximately
$1,000, 000 per year for the next ten years.
BACKGROUND
The County consultants and staff have been working since February
to implement a refunding of six outstanding bond and certificate
issues in order to take advantage of the favorable interest rates
and reduce current County costs. The Bond Investors Guaranty
Company has made a commitment to insure the refunding issue
subject to various terms and conditions. It is necessary to
finalize the agreement and execute the documents in New York to
complete this unique transaction. The complete set of documents
for the issue are being prepared by the Bond Counsel and will be
presented to the Board for final approval on July 19, 1988 .
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATUREISI:
ACTION OF BOARD ON July 12,_1988 APPROVED AS RECOMMENDED e"�, OTHER
VOTE OF SUPERVISORS
�- 1 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.
cc: County Administrator ATTESTED
JUL 12 1988
Auditor-Controller PHIL BATCHELOR. CLERK OF THE BOARD OF
Treasurer-Tax Collector SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83BY ,DEPUTY