SUBJECT:
Title
Request Approval of a Resolution Relating to Special Assessment Bond, Series 2026
Body
INITIATOR:
DEPARTMENT:
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 East Lake - Woodmar - SE 143rd Street and Portion of SE 145th Avenue improvement area and the Belleview Heights Estates Unit 8 - SE 44th Avenue improvement area after the required public hearings were held by the County. This resolution authorizes a bond to be issued to Pinnacle Bank in a principal amount not to exceed $712,154.63 at a rate of interest of 4.49% per annum, provides for certain details regarding the bond, outlines certain bond covenants of the County and provides authorization for the Chairman 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 and authorize the Chairman and Clerk to execute the Resolution.
end