Title
HEARING - Consider recommendations regarding the 2027 Certificates of Participation (COP), as follows: (4/5 Vote Required) (EST. TIME: 20 MIN.)
a) Receive and file a presentation on disclosure responsibilities for public agency officials;
b) Adopt a Resolution authorizing the execution and delivery of a Master Lease, a Master Sublease, an Assignment Agreement, a Master Trust Agreement, an Official Notice of Sale, a Notice of Intention to Sell, and a Contract of Purchase; approving execution of COP to finance certain capital improvements; approving a Preliminary Official Statement for said COP; authorizing the execution and delivery of an Official Statement and a Continuing Disclosure Agreement; and authorizing certain other actions in connection with the lease financing. The aggregate principal amount of the COP shall not exceed $135,000,000.00, and interest on the COP shall not exceed an aggregate true interest cost of 6.50%;
c) Authorize the Treasurer-Tax Collector to abandon this issuance if market conditions are deemed financially unfavorable;
d) Approve Budget Revision Request No. 2006 recording the sale of COP by establishing appropriations to increase the 2027 COP Projects fund restricted fund balance in the amount of $126,044,000.00 and establishing appropriations in the amount of $1,044,000.00 for the related current year financing costs funded by debt proceeds; and
e) Determine that the above actions are government funding mechanisms and/or fiscal activities that are not a project under the California Environmental Quality Act (CEQA) pursuant to section 15378(b)(4) of the CEQA Guidelines.
COUNTY EXECUTIVE OFFICER’S RECOMMENDATION: POLICY