Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Board reviews Davenport financing schedule; reimbursement resolution to be considered July 8
Summary
County staff presented a draft financing schedule prepared by Davenport for an anticipated tax-exempt loan. The board will consider a reimbursement resolution at its July 8 meeting and expects an RFP to be distributed by July 15 with proposals due Aug. 5.
Jennifer Warren, presenting on behalf of Davenport, gave the board a draft financing schedule for a planned tax-exempt loan and outlined next steps, including consideration of a reimbursement resolution at the board’s July 8 meeting.
Warren said Sands Anderson, P.C., will serve as bond counsel. The reimbursement resolution would give the county flexibility to reimburse capital expenditures paid before loan closing but does not obligate the county to borrow. Davenport plans to distribute a request for proposals to local, regional and national banking institutions by July 15, with proposals due Aug. 5.
Under the proposed timeline, a working-group call to evaluate proposals is expected around Aug. 8, with the Board of Supervisors to receive a summary and potentially select a lender during the Aug. 26 meeting. Davenport indicated final closing on a direct bank loan could occur on or around Sept. 12.
Board members discussed locking in a projects list for the borrowing, with one member confirming a cap of $4 million for borrowed funds and requesting that the Capital Improvement Program committee refine a proposed project list for the board’s July meetings. Warren said she will confirm whether the reimbursement resolution requires a public hearing.
No formal vote on financing occurred at the meeting; the board directed staff and Davenport to proceed with the outlined schedule and return with draft documents and project recommendations at upcoming meetings.
