Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
County holds public hearing on interim financing amendment for FY27 capital projects
Summary
Deputy CFO Lee Plunkett briefed a public hearing on a first contract amendment to the county's 2021 financing structure, describing a draw-down interim financing plan (PNC Bank selected) for up to $26.85 million in capital improvements to public safety, detention, and other county facilities.
Lee Plunkett, the deputy chief financial officer, briefed commissioners on a public hearing concerning the first contract amendment and the project's financing documents. Plunkett said the July 30 resolution authorized interim financing of capital improvements up to $26,850,000 and that the amendment modifies the 2021 financing contract that used the courthouse as collateral. The proposed interim structure calls for PNC Bank as the purchaser in a draw-down arrangement until permanent market financing is executed.
Plunkett said the amendment package also approves the form of a supplement to the 2021 indenture, names Bank of New York Mellon as trustee for payment flows, and will authorize county officers to execute required documents. Commissioners asked for clarification of counts and cost allocations (one commissioner referenced $350,000 for courthouse improvements), and Plunkett confirmed the draw-down and reimbursement approach for incurred capital expenditures.
