Title
HEARING - Consider recommendations regarding a presentation on the County’s use of Debt for Capital Projects and Proposed Project Substitutions for Certificates of Participation issued in 2005 and 2010, as follows: (EST. TIME: 30 MIN.)
a) Receive and file a presentation on the County’s historical and current use of debt to invest in capital projects;
b) Approve sending a letter to the California Debt Limit Allocation Committee (CDLAC) that requests permission to transfer previously issued Recovery Zone Economic Development Bonds (RZEDBs) for the Betteravia Administration Buildings to the Public Defender Remodel and the Emergency Operation Center project (EOC) with the remainder to be spent on remodeling and expanding Betteravia Administration Building “D”. Upon approval from CDLAC, authorize the transfer of RZEDBs as described in the letter;
c) Upon approval from CDLAC for Recommendation b), substitute and reallocate approximately $2.8 million of the tax-exempt portion of the 2010 Certificates of Participation (COPs) issuance proceeds that was planned to be used for construction of the Public Defender Remodel project, the EOC, and a new administration building at the Betteravia Campus to the Tajiguas Landfill Liner project;
d) Substitute and reallocate approximately $4.3 million of the unspent 2005 COP proceeds planned to be used for the Sheriff Technical Services Building as follows:
i) Approximately $1,825,000.00 to complete the land purchase for the proposed North County Jail;
ii) Approximately $1,175,000.00 to the Kitchen Sewer Replacement Project at the Main Jail in Goleta;
iii) Approximately $1,100,000.00 to initiate Phase I of a project to replace the heating ventilation and air conditioning equipment (HVAC) in the Santa Barbara Courthouse; and
iv) Approximately $200,000.00 to fund 1/3 of the cost to refurbish the Courthouse elevator;
e) Approve the use of approximately $500,000.00 in unspent 2005 COPs project funds from the Lompoc Fir...
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