SUBJECT:
Title
Request Approval of a Resolution Relating to Infrastructure Sales Surtax Revenue Bonds, Series 2026
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. This resolution relates to providing a "master" resolution for issuing various series of bonds secured by infrastructure sales surtax revenues. The proceeds of the immediate series of bonds (the "Series 2026 Bonds") are to be used to fund the cost of the S.W. 38th/40th Street and N.W. 49th Street (Phase 3) road improvement projects.
This resolution authorizes the underwriters (collectively, J.P. Morgan Securities LLC, BofA Securities, Inc., Raymond James & Associates, Inc. and Wells Fargo Bank, National Association) to sell the Series 2026 Bonds in a principal amount not to exceed $70,000,000, with a maturity date no later than October 2044 and an interest rate of not to exceed 5.0% per annum. This resolution also provides for certain details regarding the Series 2026 Bonds, outlines certain bond covenants of the County and provides authorization for the Chairman and Clerk to execute certain documents related to such bond issuance.
BUDGET/IMPACT:
The issuance of the Series 2026 Bonds may result in an estimated $5,360,000 of average annual debt service through October 2044 if the bonds were issued at the maximum true interest cost of 5.0% per annum.
RECOMMENDED ACTION:
Recommended action
Motion to adopt and authorize the Chairman and Clerk to execute the resolution.
end