Meeting Type: BCC Regular Meeting
Meeting Date: 1/21/2020
Item Status: New
From: Ron Cink, Budget Director
Submitted by: Anu Gary, Administrative Services Manager
______________________________________________________________________
ITEM TITLE
Title
General Obligation Advance Refunding Warrant - Series 2020
Body
STAFF RECOMMENDATION
Recommendation
Take the following actions to finalize the issuance of $11,570,000.00 General Obligation Advance Refunding Warrant, Series 2020, dated January 23, 2020:
1) Adopt and authorize the execution of Resolution #2020-053, A Resolution and Order Authoring the Issuance, Sale, Delivery and Payment of $11,570,000.00 Principal Amount of General Obligation Warrants, Series 2020, dated January 23, 2020; and
2) Approve and authorize the execution of any and all such other related documents by the Chairman, County Administrator and Clerk/Treasurer necessary to authorize and effect the issuance and closing of the Series 2020 General Obligation Warrant; and
3) Approve and authorize the payment of all issuance costs.
End
BACKGROUND INFORMATION
Previous Commission action/date: January 7, 2020, BCC Regular Meeting
Background: During the January 7, 2020, Regular Meeting, the Commission approved the selection of the of a Bond Underwriter for General Obligation Warrants Funding (Jail Expansion) for the Baldwin County Commission, as follows:
1) Adopt Resolution #2020-048, which selects and confirms the appointment of Frasier Lanier as the Bond Underwriter for General Obligation Warrants Funding (Jail Expansion) for the Baldwin County Commission; and
2) Authorize staff to begin rate negotiations with the selected firm, Frasier Lanier.
FINANCIAL IMPACT
Total cost of recommendation: net present value savings $260,000.00
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?
Yes, County Bond Counsel.
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: Ron Cink, Budget Director and Cian Harrison, Clerk Treasurer.
Administration, have documents signed and forward to Ron Cink, Cian Harrison, Lee Birchall and Reid Cavnar for all follow up implementation:
Birchall, Lee: lbirchall@bradley.com <mailto:lbirchall@bradley.com>
Cavnar, Reid: cavnarr@stifel.com <mailto:cavnarr@stifel.com>
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A