SUBJECT:
Title
Request Approval to Adopt a Resolution Relating to Special Assessment Bond, Series 2021
Body
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INITIATOR: |
DEPARTMENT: |
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Matthew G. Minter, County Attorney |
Legal |
DESCRIPTION/BACKGROUND:
Attached is a resolution which was received from Nabors, Giblin & Nickerson, P.A., bond counsel for Marion County. The resolution relates to financing the road improvements in the N.W. 165th Court Road - Classic Farms II/Classic Farms III/High Cotton Farms/High Cotton Farms II Improvement Area, the Leonardo Estates - N.E. 52nd Avenue Improvement Area, the Magnolia Shores/Smith Lake Acres Unit I Improvement Area, the Ridgewood Park/We-Ten Improvement Area, the Edgewood Improvement Area, the Emil-Marr Improvement Area and the Bluefields Improvement Area after various public hearings were held by the County. This Resolution authorizes a bond to be issued to Citizens First Bank in a principal amount not to exceed $1,791,561 at a rate of interest of 1.60% per annum, provides for certain details regarding the bond, outlines certain bond covenants of the County and provides authorization for the Chair and Clerk to execute certain documents related to such bond issuance. The bond is payable solely from assessments imposed against the improvement areas.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to adopt the attached Resolution and authorize the Chairman and Clerk to execute same.
end