SUBJECT:
Title
Adoption of Resolution Relating to Utility System Revenue Bond, Series 2021B
Body
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INITIATOR: |
DEPARTMENT: |
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Matthew G. Minter, County Attorney |
Legal |
DESCRIPTION/BACKGROUND:
Attached is a resolution proposed to be adopted by the Board of County Commissioners at its meeting on May 4, 2021, which was received from Nabors, Giblin & Nickerson, P.A., bond counsel for Marion County. The resolution supplements the County's Amended and Restated Utilities System Revenue Bond Resolution Number 93-R-292 and is related to financing the cost of acquiring certain water and wastewater utility system facilities owned by Marion Utilities, Inc. and to acquire, construct and equip various capital improvements to the County's water and wastewater utility system (collectively, the "Series 2021B Project").
This Resolution authorizes a utility system revenue bond to be issued to Citizens First Bank (for a principal amount not to exceed $14,000,000 at a fixed rate of interest of 1.82%), 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 and authorizes the acquisition and construction of the Series 2021B Project. The bonds are payable solely from net revenues and connection fees of the County's utility system.
BUDGET/IMPACT:
The issuance of the bond would result in approximately $855,682 of average annual debt service through December 2040.
RECOMMENDED ACTION:
Recommended action
Motion to adopt the attached Resolution and authorize the Chairman and Clerk to execute same.
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