File #: 08-00465    Version:
Type: Agenda Item Status: Passed
File created: 5/9/2008 In control: BOARD OF SUPERVISORS
On agenda: 5/27/2008 Final action: 5/27/2008
Title: HEARING - Consider recommendations regarding the Santa Barbara County 2008 Certificates of Participation, as follows: (4/5 Vote Required) (EST. TIME: 15 MIN.) a) Authorize the County Treasurer-Tax Collector to execute the Contract of Purchase for the issuance of non-taxable 2008 Certificates of Participation in accordance with State and Federal law, in an amount not to exceed $30,000,000, at a yield not to exceed 5.5%, and for a term not to exceed 21 years; b) Authorize the financing of the following capital improvements: i) Public Works Department, Solid Waste: Tajiguas Landfill Liner Project; ii) Santa Barbara County Redevelopment Agency, Isla Vista Project Area: Acquisition of land, and improvements and enhancements to downtown Isla Vista sidewalks, landscaping, roadways, parking and parks; c) Approve and authorize the Chair to execute a contract appointing Orrick, Herrington and Sutcliffe as Bond Counsel; execute a contract appointing Lofton and Jennings as Disclosur...
Sponsors: TREASURER-TAX COLLECTOR-PUBLIC ADMINISTRATOR
Attachments: 1. Board Letter, 2. Budget Revision Request, 3. Exhibit A

Title

HEARING - Consider recommendations regarding the Santa Barbara County 2008 Certificates of Participation, as follows: (4/5 Vote Required) (EST. TIME: 15 MIN.)

 

a) Authorize the County Treasurer-Tax Collector to execute the Contract of Purchase for the issuance of non-taxable 2008 Certificates of Participation in accordance with State and Federal law, in an amount not to exceed $30,000,000, at a yield not to exceed 5.5%, and for a term not to exceed 21 years;

 

b) Authorize the financing of the following capital improvements:

 

i) Public Works Department, Solid Waste: Tajiguas Landfill Liner Project;

 

ii) Santa Barbara County Redevelopment Agency, Isla Vista Project Area: Acquisition of land, and improvements and enhancements to downtown Isla Vista sidewalks, landscaping, roadways, parking and parks;

 

c) Approve and authorize the Chair to execute a contract appointing Orrick, Herrington and Sutcliffe as Bond Counsel; execute a contract appointing Lofton and Jennings as Disclosure Counsel, and accept a proposal for Trustee, Registrar, and Paying Agent Services from US Bank Corporate Trust Services;

 

d) Direct the County Treasurer Tax-Collector, County Auditor-Controller, County Counsel, and General Services to proceed with all necessary actions required to issue the 2008 Certificates of Participation;

 

e) Authorize the Treasurer-Tax Collector to abandon the issuance if market conditions are deemed to have become financially unfavorable;

 

f) Adopt a Resolution Authorizing the Execution and Delivery of a Lease, a Sublease, an Assignment Agreement, a Trust Agreement, a Contract of Purchase, and Approving Execution of Certificates of Participation to Finance Certain Capital Improvements; Approving an Official Statement for Aid Certificates of Participation; Authorizing the Execution and Delivery of a Continuing Disclosure Agreement; Authorizing the Execution of a Repayment Agreement; and Authorizing Certain Other Actions in Connection with the Lease Financing; and

 

g) Approve and adopt a Budget Revision.

 

COUNTY EXECUTIVE OFFICER'S RECOMMENDATION: APPROVE

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