Board hears PFM on borrowing parameters, votes on borrowing resolution and hears budget amendment dissent
PFM Financial Advisors detailed parameters for two promissory-note resolutions setting not-to-exceed interest costs at 6%; the board approved one requiring a simple majority and later approved a three-quarters initial-resolution for $15.5 million. Supervisor Rossi opposed parts of the budget, warning reserves and operational planning were inadequate.
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Kristen Hansen of PFM Financial Advisors briefed the board on two borrowing resolutions. Resolution 2024-64 (parameters for sale of up to $17,110,000 in general obligation promissory notes) would finance the first phase of a marina project and part of the 911 communications project; Hansen said the parameters include a not-to-exceed true interest cost of 6 percent, a competitive-sale approach, and a debt-service schedule that front-loads principal for assets with shorter useful lives such as 911 equipment.
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