Council Action Requested:
Council is being asked to approve the issuance of installment purchase revenue bonds for both the construction and equipping of a new Detention Center and Regional Park projects.
Points to Consider:
This Resolution authorizes the County Administrator to move forward with the issuance of installment purchase revenue bonds for the Detention Center and Regional Park projects. The Resolution approves the engagement of Burr and Forman LLP as Bond Counsel; Compass Municipal Advisors, LLC, as Financial Advisor; Piper, Sandler & Company, as Underwriter; Pope Flynn LLC, as Underwriter's Counsel; AMTEC, as Arbitrage Rebate Analyst; and Regions Bank, as Trustee. The Resolution also declares the County's intent to reimburse themselves from a portion of the proceeds for legally authorized expenses and also authorizes the County Administrator to provide for the structure and incorporation of the Corporation and obtaining its 501(c)(3) designation.
If the Resolution is adopted, Bond Counsel will bring an Ordinance back before Council to finalize the authorization of the bonds with a not to exceed amount in September and have the bonds finalized with sale by December of 2023.
A timeline of activities and actions needed to complete a bond sale by December 2023 is attached to this agenda item.
Funding and Liability Factors:
The funding and liability factors will be discussed during the Council meeting outlining proposed amounts to be financed for both the regional park and detention center, with financing costs for a 20 year bond.
Recommendation:
Approve Resolution 1242-R2023.