DEPARTMENT: Finance
FILE TYPE: Regular Action
TITLE
title
Authorization To Issue And Award Sale Of General Obligation Capital Improvement Plan Bonds, Series 2025A And Adopt Post-Issuance Debt Compliance Policy
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PURPOSE/ACTION REQUESTED
Authorize the issuance, awarding sale, prescribing the form and details and providing for the payment of $35,640,000 General Obligation Capital Improvement Plan Bonds, Series 2025A and adopt post-issuance debt compliance policy.
SUMMARY
On January 7, 2025, the County Board held a hearing on the Bond Capital Improvement Plan (CIP) to receive public comments on the County's intent to issue general obligation bonds (Bonds) for the construction of a Lebanon Hills Maintenance Facility and improvements to the Wentworth and Burnhaven libraries. Following the public hearing, the County Board approved the Bond CIP, in the maximum principal amount of $38,240,000. On March 11, 2025, the County Board called for the sale of $38,140,000. Due to delays in the process and reduction in capitalized interest, the amount presale amount is now $37,930,000. Ehlers accepted bids on June 23, 2025. The low bidder was Raymond James & Associates, Inc., St. Petersburg, Florida with a true interest cost of 3.7922%.
The County desires to monitor these obligations to ensure compliance with the IRS Code, Treasury Regulations and the SEC Rule. To help ensure compliance, the County has developed the attached policy. A comprehensive Post-Issuance Debt Compliance Policy provides a framework for managing and monitoring the County's compliance obligations, thereby mitigating risks, protecting the County's financial integrity, and promoting sound financial management. The Post-Issuance Debt Compliance Policy shall apply to all obligations, including bonds, notes, loans, lease purchase contracts, lines of credit, commercial paper or any other form of debt that is subject to compliance.
RECOMMENDATION
recommendation
Authorize the issuance, sale and delivery...
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