Council Action Requested:
Council will need to make a motion to select suggested appointees to the Public Facilities Corporation that is being created as a structure to support the installment purchase revenue bonds for the Detention Center and Regional Park financing.
Proposed appointees include:
Brian Endres
Larry Honeycutt
Charles Deese
Points to Consider:
The structure of the Installment Purchase Revenue Bonds financing model, calls for a five to seven person Board consisting of three to five community members not presently associated with or employed by the County and two ex-officio, non-voting members consisting of the County Administrator and the County Chief Financial Officer.
This Public Facilities Corporation will meet at least once a year and will be the governing body that oversees the bond payments for the Detention Center and Regional Park.
The role of the Corporation members is to review the bond payments and take any other action necessary to assist the county in funding the construction costs of the Detention Center and Regional Park.
Funding and Liability Factors:
Funding for the Detention Center and Regional Park is through Installment Purchase Revenue Bonds.
Recommendation:
Approve the appointees nominated by Council members to serve on the Lancaster County Public Facilities Corporation.