Meeting Type: BCC Regular Meeting
Meeting Date: 6/18/2024
Item Status: New
From: Roger H. Rendleman, County Administrator
Submitted by: Anu Gary, Administrative Services Manager
______________________________________________________________________
ITEM TITLE
Title
Resolution #2024-130 - Warrant Issue 2024 Public Building Authority Jail Financing
End
STAFF RECOMMENDATION
Take the following actions:
1) Adopt Resolution #2024-130 approving the execution and delivery of a Second Supplemental Lease Agreement between the County and The Public Building Authority of Baldwin County ("PBA") in connection with the issuance, sale and delivery by The PBA of its $12,845,000 principal amount of Building Revenue Warrants, Series 2024 (Jail Project), to be dated the date of delivery, the proceeds of which will be used to complete construction of the new County Jail facility; and
2) Authorize the Chairman and/or County Administrator to execute any other related documents.
BACKGROUND INFORMATION
Background: The Baldwin County Public Building Authority approved preliminary action and authorized the execution of a purchase agreement with the underwriter regarding the Authority’s proposed Building Revenue Warrants, Series 2024, for the completion of the public jail facility on May 20, 2024.
Previous Commission action/date:
March 19, 2024, BCC Regular Meeting - Authorized the Chairman to execute engagement letter on behalf of the Baldwin County Commission for the law firm of Bradley Arant Boult Cummings LLP to represent the County as its bond counsel in connection with the proposed issuance of bonds or warrants for the 2024 Public Building Authority jail financing, as outlined in the engagement letter for the services to be performed by the firm.
FINANCIAL IMPACT
Total cost of recommendation: Estimated additional $870,000 annually in lease payments to the PBA. The County will be billed upon the successful closing of the financing.
Budget line item(s) to be used: N/A
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Bond counsel will bring finalized documents to be executed after BCC approval.
Mr. Lee Birchall
Bradley Arant Boult Cummings LLP
lbirchall@bradley.com
One Federal Place
1819 Fifth Avenue North
Birmingham, Alabama 35203-2119
cc: Roger Rendleman, County Administrator
Beth Hodges, Budget Director
Aislinn Stone, Finance
Christie Bezoari, Finance
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: Upload signed resolution. Copy of signed packet to tickler, copies of final documents to be provided to Administration by Bond counsel. Add finalized signed documents as supporting materials to Deed files for BC Jail Project.