Meeting Type: BCC Regular Meeting
Meeting Date: 2/18/2020
Item Status: New
From: Ron Cink, Budget Director
Submitted by: Anu Gary, Administrative Services Manager
______________________________________________________________________
ITEM TITLE
Title
Resolution #2020-060 and Refunding Trust Agreement for the 2012 General Obligation Warrants
Body
STAFF RECOMMENDATION
Recommendation
As relates to the 2012 General Obligation Warrants, take the following actions:
1) Adopt Resolution and Order #2020-060, which authorizes a Refunding Trust Agreement with Regions Bank for the deposit of certain funds to be applied to the defeasance of the County’s outstanding General Obligation Warrants, Series 2012, dated September 1, 2012; and
2) Approve the execution of the Refunding Trust Agreement between the Baldwin County Commission and Regions Bank.
End
BACKGROUND INFORMATION
Previous Commission action/date: N/A
Background: N/A
FINANCIAL IMPACT
Total cost of recommendation: Overall cost savings for the life of the debt.
Budget line item(s) to be used: Debt service line item will continue to handle payment of the debt.
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: Ron Cink, Budget Director - Have resolution and all related documents executed by Chairman, provide to bond counsel and cc: Administration to all documents.
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A