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Board amends Public Financing Authority JPA to substitute members; bond counsel says bonds unaffected
Summary
The board approved first amendments to the Lake County Public Financing Authority joint powers agreement to substitute members (add Watershed Protection District, remove Sanitation District as necessary) and received bond-counsel confirmation that outstanding 2011 bonds and covenants are not impaired by the change.
County treasury staff and bond counsel briefed the board on a proposed first amendment to the Lake County Public Financing Authority joint exercise of powers agreement. Treasury tax collector Patrick Sullivan said the change would make the financing authority composed of county-controlled entities after a pending sanitation reorganization.
Scott Ferguson of Jones Hall, speaking as bond counsel, told the board the authority and the outstanding 2011 bonds would continue to be valid and that removing or substituting members should not adversely affect bondholders so long as covenants in the bond documents remain met. He explained alternate financing vehicles existed and that a JPA remains a standard financing vehicle in municipal markets.
After discussion and public comment, the board adopted the resolutions authorizing the amendment and related actions for the County, Lake County Sanitation District and Lake County Watershed Protection District; recorded votes on each resolution were unanimous (carried 5-0). The board authorized staff to execute the amendment and related documents.
