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HEARING - Consider recommendations regarding long term financing for COPs Facility Program, as follows:
a) Adopt a resolution authorizing the execution and delivery of a lease, sublease, an assignment agreement, a trust agreement and a contract of purchase, approving execution of Certificates of Participation to finance certain projects, approving an official statement for said certificates of Participation and authorizing certain other actions in connection with the lease financing;
b) Authorize the County Treasurer-Tax Collector to execute the Contract of Purchase for the issuance of non-taxable 2001 Certificates of Participation in accordance with State and Federal law, in an amount not to exceed $40,000,000, at a yield not to exceed 6 %, and for a term not to exceed 30 years;
c) Approve contract appointing Orrick, Herrington and Sutcliffe as Bond Counsel; accept proposal for Trustee, Registrar and Paying Agent Services from State Street Bank and Trust Company of California;
d) Direct the County Treasurer-Tax Collector, County Auditor-Controller, County Counsel, Office of Risk Management, and General Services to proceed with all necessary actions required to issue the 2001 Certificates of Participation;
e) Authorize the Treasurer-Tax Collector, with consultation of the Debt Advisory Committee (DAC), to abandon this issuance if market conditions are deemed financially unfavorable.
COUNTY ADMINISTRATOR'S RECOMMENDATION: POLICY
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