Item:
Title
Approval of Resolution for Limited Obligation Bonds and Certain Related Documents Pursuant to G.S. 160A-20
Body
Date Of BOCC Meeting: August 6, 2018
Request For Board Action:
Agenda Text
The Board is requested to adopt the attached final resolution approving the issuance of Limited Obligation Bonds and certain related documents pursuant to G.S. 160A-20 in an amount not to exceed $60,000,000 secured by the Administration Building II (e.g., previously the judicial building). The issuance will be used for (a) refinancing a portion of the County’s obligations pursuant to an Installment Financing Contract dated March 30, 2017 (e.g., Judicial Building Renovations Project in the amount of $43.5M) with PNC Bank, National Association and (b) financing for the Detention Center POD, County’s share of the Emergency Communications Center in the new Police Headquarters, Emergency Radio Communication Equipment, Detention Center Elevators, Renovation of the 7th Floor of the Administration Building II and Firefighting Vehicles (3), (collectively, the “Project”). Also, please note that the funding source for the debt service for the financing of the firefighting vehicles will be the Durham County Fire and Rescue (DCFR) Service Tax Fund.
Alignment With Strategic Plan: This item aligns with Goal 5 Accountable, Efficient and Visionary Government.
Resource Persons: Susan Tezai, Chief Financial Officer and Jessica Brown-Linton, Deputy Chief Financial Officer
County Manager’s Recommendation: The County Manager recommends that the Board adopt the final resolution.
Signature
County Manager: ____________________________