| | | | | | | |  | ITEM 13.
County Manager - Consent |
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| | | | | | | | | DATE: | September 3, 2024
| | DEPARTMENT: | County Manager
| | REQUESTER: | Peter Winton
| | TITLE: | Approve Delegating Resolution of Transportation Facilities Refunding Bonds |
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| | | | | | | | | I. | MOTION REQUESTED | | | Authorize the Chairman to sign a delegating resolution in the not-to-exceed par amount of $55 million providing for the authorization, execution and delivery of a Bond Purchase Agreement that meets certain specific criteria in connection with the refunding of all or a portion of the Transportation Facilities Refunding Revenue Bonds, Series 2014. |
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| | | | | | | | | II. | ITEM SUMMARY | | | This item authorizes the County to sell bonds to refinance all or a portion of the Transportation Facilities Refunding Revenue Bonds, Series 2014. Current market rates indicate a net present value savings of 5.64% ($2.9 million present value savings) but actual savings will be determined at pricing. The term of the bonds will not be extended. This authorizes the sale to proceed within certain parameters without having to reconvene the Board of County Commissioners. The Amended and Restated Master Resolution and Series Resolution authorizes the execution and delivery of the Official Statement (OS), appoints the paying agent and escrow agent, approves the execution and delivery of a continuing disclosure certificate and authorizes an effective date for the bonds. |
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| | | | | | | | | III. | BACKGROUND AND IMPLICATIONS OF ACTION |
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| | | | | | | | | | A) | Board Action and Other History | | | | On February 6, 2024, the Board authorized the County Manager to proceed with the selection of underwriters, bond and disclosure counsel and preparation of the refunding of the Transportation Facilities Refunding Revenue Bonds, Series 2014
On March 5, 2024, Lee County Procurement Management issued a Request for Proposal for the refinancing of Transportation Facilities Refunding Revenue Bonds, Series 2014 and placed public notice in the News-Press. On May 14, 2024, responses from twelve underwriters were received.
On June 18, 2024, the Board approved selection of Bank of America as Senior Underwriter (sole) for the refunding of the Transportation Facilities Refunding Revenue Bonds, Series 2014 |
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| | | | | | | | | | C) | BoCC Goals | | | | Based on evaluation by the Working Group, there appears to be present value savings in refunding of the Transportation Facilities Refunding Revenue Bonds, Series 2014 of 5.64% ($2.9 million present value savings. The Board has a policy of paying down debt and refinancing debt that generates at least 3% net present value savings. |
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| | | | | | | | | | D) | Analysis | | | | The refundable (callable) portions of Transportation Facilities Refunding Revenue Bonds, Series 2014 will have a bond par amount of $52.305 million at time of closing. It is currently anticipated all outstanding maturities will be refunded. |
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| | | | | | | | | | A) | Current year dollar amount of item:
| To be determined. | | | B) | Is this item approved in the current budget? | N/A | | | C) | Is this a revenue or expense item? | | | | D) | Is this Discretionary or Mandatory? | Discretionary | | | E) | Will this item impact future budgets?
If yes, please include reasons in III(D) above.
| No | | | F) | Fund:
Program:
Project:
Account Strings: | | | G) | Fund Type? | | | | H) | Comments:
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| REVIEWERS: | | Department | Reviewer | Action | Date | | County Manager | Winton, Peter | Approved | 8/26/2024 - 9:51 AM | | Budget Services | Henkel, Anne | Approved | 8/26/2024 - 10:43 AM | | Budget Services | Winton, Peter | Approved | 8/26/2024 - 10:58 AM | | County Attorney | Wesch, Richard Wm. | Approved | 8/26/2024 - 3:22 PM | | County Manager | Winton, Peter | Approved | 8/27/2024 - 8:25 AM |
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