SUBJECT:
Title
Request Approval to Adopt a Resolution Relating to Special Assessment Bond, Series 2024
Body
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INITIATOR: |
DEPARTMENT: |
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Matthew G. Minter, County Attorney |
County Attorney |
DESCRIPTION/BACKGROUND:
A Resolution is presented for Board approval which was received from Nabors, Giblin & Nickerson, P.A., bond counsel for Marion County. The resolution relates to financing the road improvements in the Cedar Hills/Cedar Hills Addition/Cedar Hills Addition 2 Improvement Area and the Lake Weir Gardens Improvement Area after various public hearings were held by the County. This Resolution authorizes two bonds to be issued to Citizens First Bank in principal amounts not to exceed $943,152.00 (10-year maturity) and $2,057,303.00 (15-year maturity), respectively, each at an interest rate of 3.2% 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 from assessments imposed against the improvement areas and is backed by a covenant to budget and appropriate non-ad valorem revenues.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to adopt the Resolution and authorize the Chair and Clerk to execute documents related to the bond issuance.
end