Commissioners briefed on proposed $60 million limited-tax GO bond resolution for county capital projects

County legal counsel and financial advisers presented a draft bond resolution authorizing a not-to-exceed $60 million issuance of limited-tax general obligation bonds to finance various county capital improvements and to provide authority to refund certain outstanding series if market conditions warrant.

Staff described the package as "new-money" financing for campus improvements (boilers, building systems), a golf course maintenance facility and other capital projects. The resolution also contains delegated-authority parameters for designated county representatives (chair and specified staff) to finalize pricing and terms within stated limits: final maturity no later than Dec. 1, 2046; a maximum true interest cost not to exceed 6%; minimum sale price 98%; and a required net-present-value savings threshold of 2.5% for any refunding candidate.

Financial advisers said the county has capacity within statutory debt limits to absorb the proposed issuance and that one refunding candidate (2014 series) appears likely to produce present-value savings on a maturity-by-maturity basis; the 2012 series currently looks less likely to produce savings. Staff asked the board to expect the formal bond resolution on the next week's agenda to authorize issuance if parameters are met at pricing.

Next steps: staff will finalize resolution language and present the bond resolution for board action on the next agenda. Staff anticipates a pricing window in early December with a mid-December closing if the board authorizes issuance and market conditions are favorable.