Baldwin County, Alabama
File #: 20-0550    Version: 1
Agenda section: Other Staff Recommendations Status: Passed
File created: 1/14/2020 Meeting type: Baldwin County Commission Regular
On agenda: 1/21/2020 Final action: 1/21/2020
Agenda item title: General Obligation Advance Refunding Warrant - Series 2020
Attachments: 1. IRS Form 8038-G (Baldwin G.O. 2019) 4840-7514-2055 1, 2. County Form Baldwin 2020 4830-6368-0934 1, 3. Closing Papers (Baldwin GO 2020) 4842-2128-5287 2, 4. Closing Memo Baldwin GO 2020 4830-1750-1618 1, 5. Minutes (Baldwin GO 2020) 4838-5809-8850 1, 6. OS final Baldwin GO 2020 4822-2064-2226 1 (002), 7. *GE2 - Resolution 2020-053 SIGNED

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